Note 1\tGeneral information
The consolidated financial statements of Norse Atlantic ASA (\u201cNorse\u201d, \u201cNorse Atlantic Airways\u201d or the \u201cCompany\u201d) for the year ended 31 December 2025 (the \u201cPeriod\u201d) were authorized for issue in accordance with a resolution of the Board of Directors passed on 29 April 2026.
Norse Atlantic Airways is a public limited company listed on the Euronext Expand Oslo. The Company was incorporated on 1 February 2021 under the laws of Norway and its registered office is Fl\u00f8yveien 14, 4838 Arendal, Norway. The Company has wholly owned subsidiaries in Norway, Latvia, Greece, Cyprus, the UK and the USA.
Norse is a new affordable long-haul airline established in 2021 and mainly serves the transatlantic market as well as the charter/ACMI market with a fleet of modern and fuel-efficient Boeing 787 Dreamliners. The Company's first flight took off from Oslo to New York on June 14, 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__6": { "value": "Note 1\tGeneral information
The consolidated financial statements of Norse Atlantic ASA (\u201cNorse\u201d, \u201cNorse Atlantic Airways\u201d or the \u201cCompany\u201d) for the year ended 31 December 2025 (the \u201cPeriod\u201d) were authorized for issue in accordance with a resolution of the Board of Directors passed on 29 April 2026.
Norse Atlantic Airways is a public limited company listed on the Euronext Expand Oslo. The Company was incorporated on 1 February 2021 under the laws of Norway and its registered office is Fl\u00f8yveien 14, 4838 Arendal, Norway. The Company has wholly owned subsidiaries in Norway, Latvia, Greece, Cyprus, the UK and the USA.
Norse is a new affordable long-haul airline established in 2021 and mainly serves the transatlantic market as well as the charter/ACMI market with a fleet of modern and fuel-efficient Boeing 787 Dreamliners. The Company's first flight took off from Oslo to New York on June 14, 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__7": { "value": "Norse Atlantic ASA ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__8": { "value": "Norse Atlantic ASA ", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__9": { "value": "Norse Atlantic ASA ", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__10": { "value": "ASA ", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__12": { "value": "Norway ", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__13": { "value": "Fl\u00f8yveien 14, 4838 Arendal", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__11": { "value": "Arendal", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__14": { "value": "Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__15": { "value": "Norse is a new affordable long-haul airline established in 2021 and mainly serves the transatlantic market as well as the charter/ACMI market with a fleet of modern and fuel-efficient Boeing 787 Dreamliners. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__17": { "value": "Note 2\tBasis of preparation and material accounting policies
These consolidated financial statements have been prepared in accord-ance with IFRS\u00ae Accounting Standards and IFRIC interpretations as adopted by the European Union and in accordance with Norwegian Accounting Act \u00a73-9. These consolidated financial statements have been prepared on a historical cost basis with some exceptions, as detailed in the accounting policies below. The consolidated financial statements are presented in thousands of USD except where otherwise indicated.
These financial statements have been prepared based on the assumption of going concern.
The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. They have all been applied consistently throughout the Period.
2.1\tConsolidation
Subsidiaries are all entities over which the Company has the power to govern the financial and operating policies, generally accompanying a shareholding of more than one half of the voting rights. Subsidiaries are consolidated from the date on which control is transferred to the Company. They are de-consolidated from the date that control ceases.
Intercompany transactions, balances and unrealised gains on transactions between entities in the consolidated entity are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred.
2.2\tForeign currency translation
The functional and presentational currency of the Company is United States dollars (USD).
Income and expenses denominated in foreign currencies are translated into USD at the exchange rates prevailing at the dates of the transactions. Exchange gains and losses resulting from settlement of such transactions as well as from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statement of comprehensive income as Other financial income/(expense).
2.3\tRevenue recognition
Revenue comprises the amounts that reflect the consideration to which the Company expects to be entitled in exchange for goods and services promised to be transferred to customers in the general course of the Company\u2019s activities. Revenue is shown net of value-added tax and discounts. The Company recognizes revenue when the performance obligations in the contract with the customer are satisfied.
Revenue from the airline business is generally associated with the perfor-mance obligation of the air transport taking place. Tickets are usually sold in advance of the air transport taking place. The Company receives payment at or shortly after the time of sale, but such payments might be partly delayed until time of transport with any hold-back imposed by credit card acquirers for security reasons. Between the time of sale and time of air transport, the amounts collected from the customers are
accounted for as deferred revenue and is included in \u2018Deferred passenger revenue\u2019 (being a contract liability) in the Company\u2019s statement of finan-cial position. The value of the resulting air traffic settlement liabilities, less any taxes collected on behalf of authorities, represents the aggregate transaction price of performance obligations not yet satisfied.
Tickets are often sold few months prior to the air transport taking place. The contracts with customers hence have a duration of less than one year and the corresponding liabilities will always fall due within one year. A financial year\u2019s reported revenue will therefore include the entire closing balance of the prior year\u2019s air traffic settlement liabilities. As the time between ticket sale and time of the air transport taking place is less than one year and based on materiality considerations the Company does not recognize any financing element in relation to ticket sales.
Tickets sold through the Company\u2019s website are paid by debit card or credit card, whereas the various credit card acquirers settle the payments with the Company under various credit terms and rules of holdback. Receivables related to tickets sold, not yet settled with the Company, are recognized under the line item \u2018Credit card receivables\u2019 (being a contract asset) in the statement of financial position. Trade receivables under the line item \u2018Trade and other receivables' on the other hand will include receivables (contract assets) in relation to services invoiced directly from the Company to the customer, such as for services related to charter/ACMI and maintenance services.
Airfare passenger revenue
Airfare passenger revenue is recognized and reported when the air trans-port has been carried out and the performance obligations are therefore satisfied. The value of tickets sold, and which are still valid but not used by the reporting date (amounts sold in excess of revenue recognized) is reported as current liability under \u2018Deferred passenger revenue\u2019 in the Company\u2019s statement of financial position. This liability is reduced when the Company completes the transportation or if/when the amount is refunded to the customer.
Amounts paid by \u2018no-show\u2019 customers are recognized as revenue when the booked service is provided, and performance obligations are satisfied. \u2018No-show\u2019 customers with low fare tickets are not entitled to change flights or seek refunds for other than taxes once a flight has departed.
Ancillary passenger revenue
Ancillary passenger revenue comprises of sales of products and services to passengers, such as revenue from baggage sales, seating and premium upgrades and food and beverages onboard the aircraft. Most of the products and services do not have separate performance obligations but are associated with the performance obligation of the air transport and are hence recognized as revenue at the time of the transport. Between the time of sale and time of transport such ancillary revenue items are accounted for as deferred revenue and is included in \u2018Deferred passenger revenue\u2019 in the Company\u2019s statement of financial position.
Lease income
The Company has subleased some of its aircraft to other airlines. Leases where the Company does not transfer substantially all the risks and bene-fits of ownership of the asset to the lessee are classified as operating leases. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognized over the lease term on the same basis as lease income. Lease income from operating leases is recognised in the statement of comprehensive income on a straight-line basis over the lease term.
Charter revenue
The Company offers services of operating flights on behalf of others, both for ad hoc flights and for series of flights over a longer term. Customers for longer term assignments typically would be other airlines adding capacity to their own scheduled network or cruise lines feeding customers into their cruise harbours. All charters are operated under Norse Air Operator\u2019s Certificates (AOCs). Charters can be in the form of ACMI (Aircraft, Crew, Maintenance, Insurance delivered by the lessor) whereas the lessee is responsible for paying jet fuel, handling and airport
charges outside of the lease rate. Charters could also imply the lessor being responsible for the jet fuel cost.
Charters are typically remunerated either at a fixed cost per pre-defined segment or per block hour (hours the aircraft is being operated). Charter revenue is recognised in the statement of comprehensive income as the service is delivered to the customer.
Other revenues
Other revenues are recognized when the performance obligations have been satisfied through the rendering of services.
2.4\tLeases
The Company assesses whether a contract is or contains a lease, at inception of the contract. The Company recognises a right-of-use (\u201cROU\u201d) asset and a corresponding lease liability with respect to all lease arrange-ments in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. The aircraft leases have been discounted using the rate implicit in the lease on each aircraft lease agreement separately. The calculation of the discount rate implicit in the lease is based on information within the lease agreement, public lessor information and fair values of aircraft published and provided by third parties. No parts of the calculation are based on assumptions made by the Company. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect
the lease payments made. The lease liability is presented as a separate line in the consolidated statement of financial position. All variable lease payments, that are payable based on actual utilization of the underlying asset, are excluded from the calculation of lease liability. All variable lease payments are expensed to the statement of comprehensive income during the period to which such variable payments relate to.
The ROU assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Whenever the Company incurs an obligation for costs to return the underlying assets to the lessee at specific condition required by the terms of the lease, a provision is recognised and measured under IAS 37 Provisions, Contingent Liabilities and Contingent Assets. To the extent such costs relate to a ROU asset, the costs are included in the related ROU asset, unless those costs are incurred to produce inventories.
ROU assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the ROU asset reflects that the Company expects to exercise a purchase option, the related ROU asset is depre-ciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The Company applies IAS 36 Impairment of Assets to determine whether a ROU is impaired and accounts for any identified impairment loss in its consolidated statement of comprehensive income.
2.5\tIntangible assets
Intangible assets acquired as part of a business combination, other than goodwill, are initially measured at their fair value at the date of the acquisi-tion. Intangible assets acquired separately are initially recognised at cost. Indefinite life intangible assets are not amortised and are subsequently measured at cost less any impairment. Finite life intangible assets are subsequently measured at cost less amortisation and any impairment.
The gains or losses recognised in profit or loss arising from the derecognition of intangible assets are measured as the difference between net disposal proceeds and the carrying amount of the intangible asset. The method and useful lives of finite life intangible assets are reviewed annually. Changes in the expected pattern of consumption or useful life are accounted for prospectively by changing the amortisation method or period.
2.6\tProperty, plant and equipment
Property, plant and equipment (PPE) is stated at historical cost less accu-mulated depreciation and impairment. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Depreciation is calculated on a straight-line basis to write off the net cost of each item of property, plant and equipment (excluding land) over their expected useful lives. The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date. An item of property, plant and equipment is derecognised upon disposal or when there is no future economic benefit to the consolidated entity. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss.
2.7\tFinancial assets and liabilities
Financial assets and liabilities are recognized when the Company becomes party to the contractual obligations of the instrument and are initially recognized at fair value, except trade receivables that are measured at transaction price if the trade receivables do not contain a significant financing component. Subsequent to initial measurement, financial assets and liabilities are classified as per below.
Financial assets and liabilities measured at fair value through profit or loss
This includes the financial assets and liabilities measured at fair value upon initial recognition with change in fair value recognized through the consolidated income statement. Subsequent to initial recognition, financial assets and liabilities in this category are measured at fair value
at the end of each reporting period with unrealized gains and losses being recognized through profit or loss.
Financial assets and liabilities measured at amortized cost
This category is the most relevant for the Company and includes lease liabilities, trade payables and other financial assets and liabilities with fixed or determinable payments that are not quoted in an active market. Financial assets and liabilities in this category are initially recognized at fair value, net of directly attributable transaction costs. After initial meas-urement financial assets and liabilities in this category are subsequently carried at amortized cost using the effective interest rate (EIR) method, less any allowance for impairment. The EIR amortization is included in finance income for receivables and finance cost for borrowings. Losses arising from impairment of accounts receivable are recognized in oper-ating expenses.
Convertible bonds
Convertible bonds are separated into a debt liability and an equity compo-nent based on the terms of the contract. On issuance of the convertible bonds, the fair value of the debt liability excluding conversion option is measured at the fair value of expected cash flows at inception and is recorded as liabilities in the balance sheet. The debt liability component is amortized to the redemption value over the bond life, accruing interest at the effective rate. The rest of the convertible bond issue proceeds are recorded as equity. Transaction costs are apportioned between the debt liability and equity components of the convertible bonds based on the allocation of the proceeds of the debt liability and equity components when the instruments are initially recognized.
2.8\tInventory
Inventory of spare parts are carried at the lower of cost and net realisable value. Cost is calculated using the weighted average cost. Inventory includes aircraft parts which are consumables and non-renewable.
2.9\tProvisions
Provisions are recognized when the Company has a present (legal or constructive) obligation as a result of a past event, it is probable the Company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. If the time value of money is material, provisions are discounted using a current pre-tax rate specific to the liability. The increase in the provision resulting from the passage of time is recognized as a finance cost. Refer to note 11.6for description of aircraft maintenance provisions.
2.10\tSegment reporting
The Chief Operating Decision Makers ('CODM') currently reviews the Company\u2019s activities on a consolidated basis as one operating segment. Operating segments are presented using the 'management approach', where the information presented is on the same basis as the internal reports provided to the CODM. The CODM is responsible for the alloca-tion of resources to operating segments and assessing their performance. The segment reporting is based on the accounting policies such as they are described in these notes.
2.11\tEarnings per share
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year, excluding ordinary shares purchased by the Company and held as treasury shares. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. For diluted earnings per share, diluted potential ordinary shares are determined independently for each period presented. When the number of ordinary shares outstanding changes (e.g. share split) the weighted average number of ordinary shares outstanding during all periods presented is adjusted retrospectively.
2.12\tConsolidated statement of cash flows
The Company\u2019s consolidated statement of cash flows is prepared using the indirect method. Cash flows from operating activities are incorporated as a part of the cash flow statement and the cash flows are divided into operating activities, investing activities and financing activities. In the cash flow statement, the net profit is adjusted for non-cash items, such as depreciation and non-cash movements in accounts payable and receiv-ables. Any cash flows that have been recorded as part of the net profit, but which are investing or financing in nature, are removed from operating cash flows and presented as part of investing or financing cash flows.
2.13\tIncome tax
The income tax expenses or benefit for the period consists of the tax payable and changes to deferred tax. Deferred tax/tax assets are calcu-lated on all differences between the book value and tax value of assets and liabilities, with the exception of:
\u2022temporary differences linked to items that are not tax deductible
\u2022temporary differences related to investments in subsidiaries, associates or joint ventures when the Company controls when the temporary differences are to be reversed and this is not expected to take place in the foreseeable future.
Deferred tax assets are recognised when it is probable that the Company will have a sufficient profit for tax purposes in subsequent periods to utilise the tax asset. The Company recognises previously unrecognised deferred tax assets to the extent it has become probable that the company can utilise the deferred tax asset. Similarly, the Company will reduce a deferred tax asset to the extent that the Company no longer regards it as probable that it can utilise the deferred tax asset. The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date.
Deferred tax and deferred tax assets are measured on the basis of the expected future tax rates applicable to the legal entities within the Norse group where temporary differences have arisen.
Deferred tax and deferred tax assets are recognised at their nominal value and classified as non-current asset investments (long-term liabili-ties) in the consolidated statement of financial position.
Taxes payable and deferred taxes are recognised directly in equity to the extent that they relate to equity transactions.
2.14\tCritical accounting estimates and judgments
Preparation of the Company\u2019s consolidated financial statements requires management and the board to make estimates, judgments and assump-tions that affect the reported amount of revenue, expenses, assets and liabilities, as well as the accompanying disclosures. Management continu-ally evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, manage-ment believes to be reasonable under the circumstances. Uncertainty about these estimates, judgments and assumptions could result in outcomes that require a material adjustment to the carrying amounts of assets or liabilities in future periods.
Estimation of useful lives of assets
The consolidated entity determines the estimated useful lives and related depreciation and amortisation charges for its property, plant and equipment and finite life intangible assets. The useful lives could change significantly as a result of technical innovations or some other event. The depreciation and amortisation charge will increase where the useful lives are less than previously estimated lives, or technically obsolete or non-strategic assets that have been abandoned or sold will be written off or written down.
Impairment of assets
The consolidated entity assesses impairment of non-financial assets and other indefinite life intangible assets at each reporting date by evaluating conditions specific to the consolidated entity and to the particular asset
that may lead to impairment. If an impairment trigger exists, the recover-able amount of the asset is determined. The recoverable amount is based on third party valuations, or management calculations. Management calculation of fair value less costs of disposal or value-in-use incorporates several key estimates and assumptions.
Aircraft lease provisions
As per the terms of aircraft lease agreements, the Company is obliged to redeliver the aircraft to the lessors at the expiry of the lease term in certain redelivery condition as prescribed in the lease agreements. For the purpose of the initial measurement of the ROU asset, the Company has made an estimate of such maintenance, restoration and return costs. The calculation of this provision requires assumptions such as application of closure dates and cost estimates. The provision recognised for each site is periodically reviewed and updated based on the facts and circum-stances available at the time.
Maintenance, restoration and return provisions arising on the commence-ment of a lease are recognised as a provision with a corresponding amount recognised as part of the ROU asset. Any change in estimation relating to such costs are reflected in the ROU asset. Maintenance and return provisions that occur through usage or through the passage of time are recognised with a corresponding amount recorded over time in the income statement.
Lease discount rate
The aircraft lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the rate implicit in the lease. The aircraft leases have been discounted using the rate implicit in the lease on each aircraft lease agreement separately. The calculation of the discount rate implicit in the lease is based on information within the lease agreement, public lessor information and fair values of aircraft published and provided by third parties. No parts of the calculation are based on assumptions made by the Company. Where the interest rate implicit in a lease cannot be readily determined, an incremental borrowing rate is estimated to discount future lease payments to measure the present value of the lease liability at the
lease commencement date. Such a rate is based on what the consoli-dated entity estimates it would have to pay a third party to borrow the funds necessary to obtain an asset of a similar value to the right-of-use asset, with similar terms, security and economic environment.
Financial forecasts
Financial forecasts are not accounting estimates as such, but they do constitute key input in management assessments in relation to accounting. As basis for evaluation of the going concern assumption, the Company prepares financial forecasts simulating future financial performance of the Company under a wide set of assumptions. Forecasts involve risks and uncertainty. Some significant risk factors include, but are not limited to, factors such as degree of commercial success expressed through achieved load factors and fares, and the future development in jet fuel prices. In assessing the going concern assumption, the Company has performed sensitivity analyses of its financial forecasts by variation of key assumptions on fares, load factors and jet fuel prices. Sensitivity analyses have been made for reasonable alternative outcomes of such key assumptions.
Note 2\tBasis of preparation and material accounting policies
These consolidated financial statements have been prepared in accord-ance with IFRS\u00ae Accounting Standards and IFRIC interpretations as adopted by the European Union and in accordance with Norwegian Accounting Act \u00a73-9. These consolidated financial statements have been prepared on a historical cost basis with some exceptions, as detailed in the accounting policies below. The consolidated financial statements are presented in thousands of USD except where otherwise indicated.
These financial statements have been prepared based on the assumption of going concern.
The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. They have all been applied consistently throughout the Period.
2.1\tConsolidation
Subsidiaries are all entities over which the Company has the power to govern the financial and operating policies, generally accompanying a shareholding of more than one half of the voting rights. Subsidiaries are consolidated from the date on which control is transferred to the Company. They are de-consolidated from the date that control ceases.
Intercompany transactions, balances and unrealised gains on transactions between entities in the consolidated entity are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred.
2.2\tForeign currency translation
The functional and presentational currency of the Company is United States dollars (USD).
Income and expenses denominated in foreign currencies are translated into USD at the exchange rates prevailing at the dates of the transactions. Exchange gains and losses resulting from settlement of such transactions as well as from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statement of comprehensive income as Other financial income/(expense).
2.3\tRevenue recognition
Revenue comprises the amounts that reflect the consideration to which the Company expects to be entitled in exchange for goods and services promised to be transferred to customers in the general course of the Company\u2019s activities. Revenue is shown net of value-added tax and discounts. The Company recognizes revenue when the performance obligations in the contract with the customer are satisfied.
Revenue from the airline business is generally associated with the perfor-mance obligation of the air transport taking place. Tickets are usually sold in advance of the air transport taking place. The Company receives payment at or shortly after the time of sale, but such payments might be partly delayed until time of transport with any hold-back imposed by credit card acquirers for security reasons. Between the time of sale and time of air transport, the amounts collected from the customers are
accounted for as deferred revenue and is included in \u2018Deferred passenger revenue\u2019 (being a contract liability) in the Company\u2019s statement of finan-cial position. The value of the resulting air traffic settlement liabilities, less any taxes collected on behalf of authorities, represents the aggregate transaction price of performance obligations not yet satisfied.
Tickets are often sold few months prior to the air transport taking place. The contracts with customers hence have a duration of less than one year and the corresponding liabilities will always fall due within one year. A financial year\u2019s reported revenue will therefore include the entire closing balance of the prior year\u2019s air traffic settlement liabilities. As the time between ticket sale and time of the air transport taking place is less than one year and based on materiality considerations the Company does not recognize any financing element in relation to ticket sales.
Tickets sold through the Company\u2019s website are paid by debit card or credit card, whereas the various credit card acquirers settle the payments with the Company under various credit terms and rules of holdback. Receivables related to tickets sold, not yet settled with the Company, are recognized under the line item \u2018Credit card receivables\u2019 (being a contract asset) in the statement of financial position. Trade receivables under the line item \u2018Trade and other receivables' on the other hand will include receivables (contract assets) in relation to services invoiced directly from the Company to the customer, such as for services related to charter/ACMI and maintenance services.
Airfare passenger revenue
Airfare passenger revenue is recognized and reported when the air trans-port has been carried out and the performance obligations are therefore satisfied. The value of tickets sold, and which are still valid but not used by the reporting date (amounts sold in excess of revenue recognized) is reported as current liability under \u2018Deferred passenger revenue\u2019 in the Company\u2019s statement of financial position. This liability is reduced when the Company completes the transportation or if/when the amount is refunded to the customer.
Amounts paid by \u2018no-show\u2019 customers are recognized as revenue when the booked service is provided, and performance obligations are satisfied. \u2018No-show\u2019 customers with low fare tickets are not entitled to change flights or seek refunds for other than taxes once a flight has departed.
Ancillary passenger revenue
Ancillary passenger revenue comprises of sales of products and services to passengers, such as revenue from baggage sales, seating and premium upgrades and food and beverages onboard the aircraft. Most of the products and services do not have separate performance obligations but are associated with the performance obligation of the air transport and are hence recognized as revenue at the time of the transport. Between the time of sale and time of transport such ancillary revenue items are accounted for as deferred revenue and is included in \u2018Deferred passenger revenue\u2019 in the Company\u2019s statement of financial position.
Lease income
The Company has subleased some of its aircraft to other airlines. Leases where the Company does not transfer substantially all the risks and bene-fits of ownership of the asset to the lessee are classified as operating leases. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognized over the lease term on the same basis as lease income. Lease income from operating leases is recognised in the statement of comprehensive income on a straight-line basis over the lease term.
Charter revenue
The Company offers services of operating flights on behalf of others, both for ad hoc flights and for series of flights over a longer term. Customers for longer term assignments typically would be other airlines adding capacity to their own scheduled network or cruise lines feeding customers into their cruise harbours. All charters are operated under Norse Air Operator\u2019s Certificates (AOCs). Charters can be in the form of ACMI (Aircraft, Crew, Maintenance, Insurance delivered by the lessor) whereas the lessee is responsible for paying jet fuel, handling and airport
charges outside of the lease rate. Charters could also imply the lessor being responsible for the jet fuel cost.
Charters are typically remunerated either at a fixed cost per pre-defined segment or per block hour (hours the aircraft is being operated). Charter revenue is recognised in the statement of comprehensive income as the service is delivered to the customer.
Other revenues
Other revenues are recognized when the performance obligations have been satisfied through the rendering of services.
2.4\tLeases
The Company assesses whether a contract is or contains a lease, at inception of the contract. The Company recognises a right-of-use (\u201cROU\u201d) asset and a corresponding lease liability with respect to all lease arrange-ments in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. The aircraft leases have been discounted using the rate implicit in the lease on each aircraft lease agreement separately. The calculation of the discount rate implicit in the lease is based on information within the lease agreement, public lessor information and fair values of aircraft published and provided by third parties. No parts of the calculation are based on assumptions made by the Company. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect
the lease payments made. The lease liability is presented as a separate line in the consolidated statement of financial position. All variable lease payments, that are payable based on actual utilization of the underlying asset, are excluded from the calculation of lease liability. All variable lease payments are expensed to the statement of comprehensive income during the period to which such variable payments relate to.
The ROU assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Whenever the Company incurs an obligation for costs to return the underlying assets to the lessee at specific condition required by the terms of the lease, a provision is recognised and measured under IAS 37 Provisions, Contingent Liabilities and Contingent Assets. To the extent such costs relate to a ROU asset, the costs are included in the related ROU asset, unless those costs are incurred to produce inventories.
ROU assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the ROU asset reflects that the Company expects to exercise a purchase option, the related ROU asset is depre-ciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The Company applies IAS 36 Impairment of Assets to determine whether a ROU is impaired and accounts for any identified impairment loss in its consolidated statement of comprehensive income.
2.5\tIntangible assets
Intangible assets acquired as part of a business combination, other than goodwill, are initially measured at their fair value at the date of the acquisi-tion. Intangible assets acquired separately are initially recognised at cost. Indefinite life intangible assets are not amortised and are subsequently measured at cost less any impairment. Finite life intangible assets are subsequently measured at cost less amortisation and any impairment.
The gains or losses recognised in profit or loss arising from the derecognition of intangible assets are measured as the difference between net disposal proceeds and the carrying amount of the intangible asset. The method and useful lives of finite life intangible assets are reviewed annually. Changes in the expected pattern of consumption or useful life are accounted for prospectively by changing the amortisation method or period.
2.6\tProperty, plant and equipment
Property, plant and equipment (PPE) is stated at historical cost less accu-mulated depreciation and impairment. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Depreciation is calculated on a straight-line basis to write off the net cost of each item of property, plant and equipment (excluding land) over their expected useful lives. The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date. An item of property, plant and equipment is derecognised upon disposal or when there is no future economic benefit to the consolidated entity. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss.
2.7\tFinancial assets and liabilities
Financial assets and liabilities are recognized when the Company becomes party to the contractual obligations of the instrument and are initially recognized at fair value, except trade receivables that are measured at transaction price if the trade receivables do not contain a significant financing component. Subsequent to initial measurement, financial assets and liabilities are classified as per below.
Financial assets and liabilities measured at fair value through profit or loss
This includes the financial assets and liabilities measured at fair value upon initial recognition with change in fair value recognized through the consolidated income statement. Subsequent to initial recognition, financial assets and liabilities in this category are measured at fair value
at the end of each reporting period with unrealized gains and losses being recognized through profit or loss.
Financial assets and liabilities measured at amortized cost
This category is the most relevant for the Company and includes lease liabilities, trade payables and other financial assets and liabilities with fixed or determinable payments that are not quoted in an active market. Financial assets and liabilities in this category are initially recognized at fair value, net of directly attributable transaction costs. After initial meas-urement financial assets and liabilities in this category are subsequently carried at amortized cost using the effective interest rate (EIR) method, less any allowance for impairment. The EIR amortization is included in finance income for receivables and finance cost for borrowings. Losses arising from impairment of accounts receivable are recognized in oper-ating expenses.
Convertible bonds
Convertible bonds are separated into a debt liability and an equity compo-nent based on the terms of the contract. On issuance of the convertible bonds, the fair value of the debt liability excluding conversion option is measured at the fair value of expected cash flows at inception and is recorded as liabilities in the balance sheet. The debt liability component is amortized to the redemption value over the bond life, accruing interest at the effective rate. The rest of the convertible bond issue proceeds are recorded as equity. Transaction costs are apportioned between the debt liability and equity components of the convertible bonds based on the allocation of the proceeds of the debt liability and equity components when the instruments are initially recognized.
2.8\tInventory
Inventory of spare parts are carried at the lower of cost and net realisable value. Cost is calculated using the weighted average cost. Inventory includes aircraft parts which are consumables and non-renewable.
2.9\tProvisions
Provisions are recognized when the Company has a present (legal or constructive) obligation as a result of a past event, it is probable the Company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. If the time value of money is material, provisions are discounted using a current pre-tax rate specific to the liability. The increase in the provision resulting from the passage of time is recognized as a finance cost. Refer to note 11.6for description of aircraft maintenance provisions.
2.10\tSegment reporting
The Chief Operating Decision Makers ('CODM') currently reviews the Company\u2019s activities on a consolidated basis as one operating segment. Operating segments are presented using the 'management approach', where the information presented is on the same basis as the internal reports provided to the CODM. The CODM is responsible for the alloca-tion of resources to operating segments and assessing their performance. The segment reporting is based on the accounting policies such as they are described in these notes.
2.11\tEarnings per share
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year, excluding ordinary shares purchased by the Company and held as treasury shares. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. For diluted earnings per share, diluted potential ordinary shares are determined independently for each period presented. When the number of ordinary shares outstanding changes (e.g. share split) the weighted average number of ordinary shares outstanding during all periods presented is adjusted retrospectively.
2.12\tConsolidated statement of cash flows
The Company\u2019s consolidated statement of cash flows is prepared using the indirect method. Cash flows from operating activities are incorporated as a part of the cash flow statement and the cash flows are divided into operating activities, investing activities and financing activities. In the cash flow statement, the net profit is adjusted for non-cash items, such as depreciation and non-cash movements in accounts payable and receiv-ables. Any cash flows that have been recorded as part of the net profit, but which are investing or financing in nature, are removed from operating cash flows and presented as part of investing or financing cash flows.
2.13\tIncome tax
The income tax expenses or benefit for the period consists of the tax payable and changes to deferred tax. Deferred tax/tax assets are calcu-lated on all differences between the book value and tax value of assets and liabilities, with the exception of:
\u2022temporary differences linked to items that are not tax deductible
\u2022temporary differences related to investments in subsidiaries, associates or joint ventures when the Company controls when the temporary differences are to be reversed and this is not expected to take place in the foreseeable future.
Deferred tax assets are recognised when it is probable that the Company will have a sufficient profit for tax purposes in subsequent periods to utilise the tax asset. The Company recognises previously unrecognised deferred tax assets to the extent it has become probable that the company can utilise the deferred tax asset. Similarly, the Company will reduce a deferred tax asset to the extent that the Company no longer regards it as probable that it can utilise the deferred tax asset. The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date.
Deferred tax and deferred tax assets are measured on the basis of the expected future tax rates applicable to the legal entities within the Norse group where temporary differences have arisen.
Deferred tax and deferred tax assets are recognised at their nominal value and classified as non-current asset investments (long-term liabili-ties) in the consolidated statement of financial position.
Taxes payable and deferred taxes are recognised directly in equity to the extent that they relate to equity transactions.
2.14\tCritical accounting estimates and judgments
Preparation of the Company\u2019s consolidated financial statements requires management and the board to make estimates, judgments and assump-tions that affect the reported amount of revenue, expenses, assets and liabilities, as well as the accompanying disclosures. Management continu-ally evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, manage-ment believes to be reasonable under the circumstances. Uncertainty about these estimates, judgments and assumptions could result in outcomes that require a material adjustment to the carrying amounts of assets or liabilities in future periods.
Estimation of useful lives of assets
The consolidated entity determines the estimated useful lives and related depreciation and amortisation charges for its property, plant and equipment and finite life intangible assets. The useful lives could change significantly as a result of technical innovations or some other event. The depreciation and amortisation charge will increase where the useful lives are less than previously estimated lives, or technically obsolete or non-strategic assets that have been abandoned or sold will be written off or written down.
Impairment of assets
The consolidated entity assesses impairment of non-financial assets and other indefinite life intangible assets at each reporting date by evaluating conditions specific to the consolidated entity and to the particular asset
that may lead to impairment. If an impairment trigger exists, the recover-able amount of the asset is determined. The recoverable amount is based on third party valuations, or management calculations. Management calculation of fair value less costs of disposal or value-in-use incorporates several key estimates and assumptions.
Aircraft lease provisions
As per the terms of aircraft lease agreements, the Company is obliged to redeliver the aircraft to the lessors at the expiry of the lease term in certain redelivery condition as prescribed in the lease agreements. For the purpose of the initial measurement of the ROU asset, the Company has made an estimate of such maintenance, restoration and return costs. The calculation of this provision requires assumptions such as application of closure dates and cost estimates. The provision recognised for each site is periodically reviewed and updated based on the facts and circum-stances available at the time.
Maintenance, restoration and return provisions arising on the commence-ment of a lease are recognised as a provision with a corresponding amount recognised as part of the ROU asset. Any change in estimation relating to such costs are reflected in the ROU asset. Maintenance and return provisions that occur through usage or through the passage of time are recognised with a corresponding amount recorded over time in the income statement.
Lease discount rate
The aircraft lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the rate implicit in the lease. The aircraft leases have been discounted using the rate implicit in the lease on each aircraft lease agreement separately. The calculation of the discount rate implicit in the lease is based on information within the lease agreement, public lessor information and fair values of aircraft published and provided by third parties. No parts of the calculation are based on assumptions made by the Company. Where the interest rate implicit in a lease cannot be readily determined, an incremental borrowing rate is estimated to discount future lease payments to measure the present value of the lease liability at the
lease commencement date. Such a rate is based on what the consoli-dated entity estimates it would have to pay a third party to borrow the funds necessary to obtain an asset of a similar value to the right-of-use asset, with similar terms, security and economic environment.
Financial forecasts
Financial forecasts are not accounting estimates as such, but they do constitute key input in management assessments in relation to accounting. As basis for evaluation of the going concern assumption, the Company prepares financial forecasts simulating future financial performance of the Company under a wide set of assumptions. Forecasts involve risks and uncertainty. Some significant risk factors include, but are not limited to, factors such as degree of commercial success expressed through achieved load factors and fares, and the future development in jet fuel prices. In assessing the going concern assumption, the Company has performed sensitivity analyses of its financial forecasts by variation of key assumptions on fares, load factors and jet fuel prices. Sensitivity analyses have been made for reasonable alternative outcomes of such key assumptions.
These consolidated financial statements have been prepared in accord-ance with IFRS\u00ae Accounting Standards and IFRIC interpretations as adopted by the European Union and in accordance with Norwegian Accounting Act \u00a73-9. These consolidated financial statements have been prepared on a historical cost basis with some exceptions, as detailed in the accounting policies below. The consolidated financial statements are presented in thousands of USD except where otherwise indicated.
These financial statements have been prepared based on the assumption of going concern.
The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. They have all been applied consistently throughout the Period.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__19": { "value": "2.1\tConsolidation
Subsidiaries are all entities over which the Company has the power to govern the financial and operating policies, generally accompanying a shareholding of more than one half of the voting rights. Subsidiaries are consolidated from the date on which control is transferred to the Company. They are de-consolidated from the date that control ceases.
Intercompany transactions, balances and unrealised gains on transactions between entities in the consolidated entity are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__20": { "value": "2.1\tConsolidation
Subsidiaries are all entities over which the Company has the power to govern the financial and operating policies, generally accompanying a shareholding of more than one half of the voting rights. Subsidiaries are consolidated from the date on which control is transferred to the Company. They are de-consolidated from the date that control ceases.
Intercompany transactions, balances and unrealised gains on transactions between entities in the consolidated entity are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__21": { "value": "2.2\tForeign currency translation
The functional and presentational currency of the Company is United States dollars (USD).
Income and expenses denominated in foreign currencies are translated into USD at the exchange rates prevailing at the dates of the transactions. Exchange gains and losses resulting from settlement of such transactions as well as from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statement of comprehensive income as Other financial income/(expense).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__23": { "value": "2.3\tRevenue recognition
Revenue comprises the amounts that reflect the consideration to which the Company expects to be entitled in exchange for goods and services promised to be transferred to customers in the general course of the Company\u2019s activities. Revenue is shown net of value-added tax and discounts. The Company recognizes revenue when the performance obligations in the contract with the customer are satisfied.
Revenue from the airline business is generally associated with the perfor-mance obligation of the air transport taking place. Tickets are usually sold in advance of the air transport taking place. The Company receives payment at or shortly after the time of sale, but such payments might be partly delayed until time of transport with any hold-back imposed by credit card acquirers for security reasons. Between the time of sale and time of air transport, the amounts collected from the customers are
accounted for as deferred revenue and is included in \u2018Deferred passenger revenue\u2019 (being a contract liability) in the Company\u2019s statement of finan-cial position. The value of the resulting air traffic settlement liabilities, less any taxes collected on behalf of authorities, represents the aggregate transaction price of performance obligations not yet satisfied.
Tickets are often sold few months prior to the air transport taking place. The contracts with customers hence have a duration of less than one year and the corresponding liabilities will always fall due within one year. A financial year\u2019s reported revenue will therefore include the entire closing balance of the prior year\u2019s air traffic settlement liabilities. As the time between ticket sale and time of the air transport taking place is less than one year and based on materiality considerations the Company does not recognize any financing element in relation to ticket sales.
Tickets sold through the Company\u2019s website are paid by debit card or credit card, whereas the various credit card acquirers settle the payments with the Company under various credit terms and rules of holdback. Receivables related to tickets sold, not yet settled with the Company, are recognized under the line item \u2018Credit card receivables\u2019 (being a contract asset) in the statement of financial position. Trade receivables under the line item \u2018Trade and other receivables' on the other hand will include receivables (contract assets) in relation to services invoiced directly from the Company to the customer, such as for services related to charter/ACMI and maintenance services.
Airfare passenger revenue
Airfare passenger revenue is recognized and reported when the air trans-port has been carried out and the performance obligations are therefore satisfied. The value of tickets sold, and which are still valid but not used by the reporting date (amounts sold in excess of revenue recognized) is reported as current liability under \u2018Deferred passenger revenue\u2019 in the Company\u2019s statement of financial position. This liability is reduced when the Company completes the transportation or if/when the amount is refunded to the customer.
Amounts paid by \u2018no-show\u2019 customers are recognized as revenue when the booked service is provided, and performance obligations are satisfied. \u2018No-show\u2019 customers with low fare tickets are not entitled to change flights or seek refunds for other than taxes once a flight has departed.
Ancillary passenger revenue
Ancillary passenger revenue comprises of sales of products and services to passengers, such as revenue from baggage sales, seating and premium upgrades and food and beverages onboard the aircraft. Most of the products and services do not have separate performance obligations but are associated with the performance obligation of the air transport and are hence recognized as revenue at the time of the transport. Between the time of sale and time of transport such ancillary revenue items are accounted for as deferred revenue and is included in \u2018Deferred passenger revenue\u2019 in the Company\u2019s statement of financial position.
Lease income
The Company has subleased some of its aircraft to other airlines. Leases where the Company does not transfer substantially all the risks and bene-fits of ownership of the asset to the lessee are classified as operating leases. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognized over the lease term on the same basis as lease income. Lease income from operating leases is recognised in the statement of comprehensive income on a straight-line basis over the lease term.
Charter revenue
The Company offers services of operating flights on behalf of others, both for ad hoc flights and for series of flights over a longer term. Customers for longer term assignments typically would be other airlines adding capacity to their own scheduled network or cruise lines feeding customers into their cruise harbours. All charters are operated under Norse Air Operator\u2019s Certificates (AOCs). Charters can be in the form of ACMI (Aircraft, Crew, Maintenance, Insurance delivered by the lessor) whereas the lessee is responsible for paying jet fuel, handling and airport
charges outside of the lease rate. Charters could also imply the lessor being responsible for the jet fuel cost.
Charters are typically remunerated either at a fixed cost per pre-defined segment or per block hour (hours the aircraft is being operated). Charter revenue is recognised in the statement of comprehensive income as the service is delivered to the customer.
Other revenues
Other revenues are recognized when the performance obligations have been satisfied through the rendering of services.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__22": { "value": "The value of the resulting air traffic settlement liabilities, less any taxes collected on behalf of authorities, ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__24": { "value": "2.4\tLeases
The Company assesses whether a contract is or contains a lease, at inception of the contract. The Company recognises a right-of-use (\u201cROU\u201d) asset and a corresponding lease liability with respect to all lease arrange-ments in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. The aircraft leases have been discounted using the rate implicit in the lease on each aircraft lease agreement separately. The calculation of the discount rate implicit in the lease is based on information within the lease agreement, public lessor information and fair values of aircraft published and provided by third parties. No parts of the calculation are based on assumptions made by the Company. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect
the lease payments made. The lease liability is presented as a separate line in the consolidated statement of financial position. All variable lease payments, that are payable based on actual utilization of the underlying asset, are excluded from the calculation of lease liability. All variable lease payments are expensed to the statement of comprehensive income during the period to which such variable payments relate to.
The ROU assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Whenever the Company incurs an obligation for costs to return the underlying assets to the lessee at specific condition required by the terms of the lease, a provision is recognised and measured under IAS 37 Provisions, Contingent Liabilities and Contingent Assets. To the extent such costs relate to a ROU asset, the costs are included in the related ROU asset, unless those costs are incurred to produce inventories.
ROU assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the ROU asset reflects that the Company expects to exercise a purchase option, the related ROU asset is depre-ciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The Company applies IAS 36 Impairment of Assets to determine whether a ROU is impaired and accounts for any identified impairment loss in its consolidated statement of comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__25": { "value": "2.4\tLeases
The Company assesses whether a contract is or contains a lease, at inception of the contract. The Company recognises a right-of-use (\u201cROU\u201d) asset and a corresponding lease liability with respect to all lease arrange-ments in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. The aircraft leases have been discounted using the rate implicit in the lease on each aircraft lease agreement separately. The calculation of the discount rate implicit in the lease is based on information within the lease agreement, public lessor information and fair values of aircraft published and provided by third parties. No parts of the calculation are based on assumptions made by the Company. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect
the lease payments made. The lease liability is presented as a separate line in the consolidated statement of financial position. All variable lease payments, that are payable based on actual utilization of the underlying asset, are excluded from the calculation of lease liability. All variable lease payments are expensed to the statement of comprehensive income during the period to which such variable payments relate to.
The ROU assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Whenever the Company incurs an obligation for costs to return the underlying assets to the lessee at specific condition required by the terms of the lease, a provision is recognised and measured under IAS 37 Provisions, Contingent Liabilities and Contingent Assets. To the extent such costs relate to a ROU asset, the costs are included in the related ROU asset, unless those costs are incurred to produce inventories.
ROU assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the ROU asset reflects that the Company expects to exercise a purchase option, the related ROU asset is depre-ciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The Company applies IAS 36 Impairment of Assets to determine whether a ROU is impaired and accounts for any identified impairment loss in its consolidated statement of comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__26": { "value": "2.4\tLeases
The Company assesses whether a contract is or contains a lease, at inception of the contract. The Company recognises a right-of-use (\u201cROU\u201d) asset and a corresponding lease liability with respect to all lease arrange-ments in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. The aircraft leases have been discounted using the rate implicit in the lease on each aircraft lease agreement separately. The calculation of the discount rate implicit in the lease is based on information within the lease agreement, public lessor information and fair values of aircraft published and provided by third parties. No parts of the calculation are based on assumptions made by the Company. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect
the lease payments made. The lease liability is presented as a separate line in the consolidated statement of financial position. All variable lease payments, that are payable based on actual utilization of the underlying asset, are excluded from the calculation of lease liability. All variable lease payments are expensed to the statement of comprehensive income during the period to which such variable payments relate to.
The ROU assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Whenever the Company incurs an obligation for costs to return the underlying assets to the lessee at specific condition required by the terms of the lease, a provision is recognised and measured under IAS 37 Provisions, Contingent Liabilities and Contingent Assets. To the extent such costs relate to a ROU asset, the costs are included in the related ROU asset, unless those costs are incurred to produce inventories.
ROU assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the ROU asset reflects that the Company expects to exercise a purchase option, the related ROU asset is depre-ciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The Company applies IAS 36 Impairment of Assets to determine whether a ROU is impaired and accounts for any identified impairment loss in its consolidated statement of comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__27": { "value": "2.5\tIntangible assets
Intangible assets acquired as part of a business combination, other than goodwill, are initially measured at their fair value at the date of the acquisi-tion. Intangible assets acquired separately are initially recognised at cost. Indefinite life intangible assets are not amortised and are subsequently measured at cost less any impairment. Finite life intangible assets are subsequently measured at cost less amortisation and any impairment.
The gains or losses recognised in profit or loss arising from the derecognition of intangible assets are measured as the difference between net disposal proceeds and the carrying amount of the intangible asset. The method and useful lives of finite life intangible assets are reviewed annually. Changes in the expected pattern of consumption or useful life are accounted for prospectively by changing the amortisation method or period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__28": { "value": "2.5\tIntangible assets
Intangible assets acquired as part of a business combination, other than goodwill, are initially measured at their fair value at the date of the acquisi-tion. Intangible assets acquired separately are initially recognised at cost. Indefinite life intangible assets are not amortised and are subsequently measured at cost less any impairment. Finite life intangible assets are subsequently measured at cost less amortisation and any impairment.
The gains or losses recognised in profit or loss arising from the derecognition of intangible assets are measured as the difference between net disposal proceeds and the carrying amount of the intangible asset. The method and useful lives of finite life intangible assets are reviewed annually. Changes in the expected pattern of consumption or useful life are accounted for prospectively by changing the amortisation method or period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__29": { "value": "2.6\tProperty, plant and equipment
Property, plant and equipment (PPE) is stated at historical cost less accu-mulated depreciation and impairment. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Depreciation is calculated on a straight-line basis to write off the net cost of each item of property, plant and equipment (excluding land) over their expected useful lives. The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date. An item of property, plant and equipment is derecognised upon disposal or when there is no future economic benefit to the consolidated entity. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__30": { "value": "2.7\tFinancial assets and liabilities
Financial assets and liabilities are recognized when the Company becomes party to the contractual obligations of the instrument and are initially recognized at fair value, except trade receivables that are measured at transaction price if the trade receivables do not contain a significant financing component. Subsequent to initial measurement, financial assets and liabilities are classified as per below.
Financial assets and liabilities measured at fair value through profit or loss
This includes the financial assets and liabilities measured at fair value upon initial recognition with change in fair value recognized through the consolidated income statement. Subsequent to initial recognition, financial assets and liabilities in this category are measured at fair value
at the end of each reporting period with unrealized gains and losses being recognized through profit or loss.
Financial assets and liabilities measured at amortized cost
This category is the most relevant for the Company and includes lease liabilities, trade payables and other financial assets and liabilities with fixed or determinable payments that are not quoted in an active market. Financial assets and liabilities in this category are initially recognized at fair value, net of directly attributable transaction costs. After initial meas-urement financial assets and liabilities in this category are subsequently carried at amortized cost using the effective interest rate (EIR) method, less any allowance for impairment. The EIR amortization is included in finance income for receivables and finance cost for borrowings. Losses arising from impairment of accounts receivable are recognized in oper-ating expenses.
Convertible bonds
Convertible bonds are separated into a debt liability and an equity compo-nent based on the terms of the contract. On issuance of the convertible bonds, the fair value of the debt liability excluding conversion option is measured at the fair value of expected cash flows at inception and is recorded as liabilities in the balance sheet. The debt liability component is amortized to the redemption value over the bond life, accruing interest at the effective rate. The rest of the convertible bond issue proceeds are recorded as equity. Transaction costs are apportioned between the debt liability and equity components of the convertible bonds based on the allocation of the proceeds of the debt liability and equity components when the instruments are initially recognized.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__31": { "value": "2.7\tFinancial assets and liabilities
Financial assets and liabilities are recognized when the Company becomes party to the contractual obligations of the instrument and are initially recognized at fair value, except trade receivables that are measured at transaction price if the trade receivables do not contain a significant financing component. Subsequent to initial measurement, financial assets and liabilities are classified as per below.
Financial assets and liabilities measured at fair value through profit or loss
This includes the financial assets and liabilities measured at fair value upon initial recognition with change in fair value recognized through the consolidated income statement. Subsequent to initial recognition, financial assets and liabilities in this category are measured at fair value
at the end of each reporting period with unrealized gains and losses being recognized through profit or loss.
Financial assets and liabilities measured at amortized cost
This category is the most relevant for the Company and includes lease liabilities, trade payables and other financial assets and liabilities with fixed or determinable payments that are not quoted in an active market. Financial assets and liabilities in this category are initially recognized at fair value, net of directly attributable transaction costs. After initial meas-urement financial assets and liabilities in this category are subsequently carried at amortized cost using the effective interest rate (EIR) method, less any allowance for impairment. The EIR amortization is included in finance income for receivables and finance cost for borrowings. Losses arising from impairment of accounts receivable are recognized in oper-ating expenses.
Convertible bonds
Convertible bonds are separated into a debt liability and an equity compo-nent based on the terms of the contract. On issuance of the convertible bonds, the fair value of the debt liability excluding conversion option is measured at the fair value of expected cash flows at inception and is recorded as liabilities in the balance sheet. The debt liability component is amortized to the redemption value over the bond life, accruing interest at the effective rate. The rest of the convertible bond issue proceeds are recorded as equity. Transaction costs are apportioned between the debt liability and equity components of the convertible bonds based on the allocation of the proceeds of the debt liability and equity components when the instruments are initially recognized.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__32": { "value": "2.7\tFinancial assets and liabilities
Financial assets and liabilities are recognized when the Company becomes party to the contractual obligations of the instrument and are initially recognized at fair value, except trade receivables that are measured at transaction price if the trade receivables do not contain a significant financing component. Subsequent to initial measurement, financial assets and liabilities are classified as per below.
Financial assets and liabilities measured at fair value through profit or loss
This includes the financial assets and liabilities measured at fair value upon initial recognition with change in fair value recognized through the consolidated income statement. Subsequent to initial recognition, financial assets and liabilities in this category are measured at fair value
at the end of each reporting period with unrealized gains and losses being recognized through profit or loss.
Financial assets and liabilities measured at amortized cost
This category is the most relevant for the Company and includes lease liabilities, trade payables and other financial assets and liabilities with fixed or determinable payments that are not quoted in an active market. Financial assets and liabilities in this category are initially recognized at fair value, net of directly attributable transaction costs. After initial meas-urement financial assets and liabilities in this category are subsequently carried at amortized cost using the effective interest rate (EIR) method, less any allowance for impairment. The EIR amortization is included in finance income for receivables and finance cost for borrowings. Losses arising from impairment of accounts receivable are recognized in oper-ating expenses.
Convertible bonds
Convertible bonds are separated into a debt liability and an equity compo-nent based on the terms of the contract. On issuance of the convertible bonds, the fair value of the debt liability excluding conversion option is measured at the fair value of expected cash flows at inception and is recorded as liabilities in the balance sheet. The debt liability component is amortized to the redemption value over the bond life, accruing interest at the effective rate. The rest of the convertible bond issue proceeds are recorded as equity. Transaction costs are apportioned between the debt liability and equity components of the convertible bonds based on the allocation of the proceeds of the debt liability and equity components when the instruments are initially recognized.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__33": { "value": "Financial assets and liabilities measured at amortized cost
This category is the most relevant for the Company and includes lease liabilities, trade payables and other financial assets and liabilities with fixed or determinable payments that are not quoted in an active market. Financial assets and liabilities in this category are initially recognized at fair value, net of directly attributable transaction costs. After initial meas-urement financial assets and liabilities in this category are subsequently carried at amortized cost using the effective interest rate (EIR) method, less any allowance for impairment. The EIR amortization is included in finance income for receivables and finance cost for borrowings. Losses arising from impairment of accounts receivable are recognized in oper-ating expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__34": { "value": "2.8\tInventory
Inventory of spare parts are carried at the lower of cost and net realisable value. Cost is calculated using the weighted average cost. Inventory includes aircraft parts which are consumables and non-renewable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__35-1": { "value": "2.9\tProvisions
Provisions are recognized when the Company has a present (legal or constructive) obligation as a result of a past event, it is probable the Company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. If the time value of money is material, provisions are discounted using a current pre-tax rate specific to the liability. The increase in the provision resulting from the passage of time is recognized as a finance cost. Refer to note 11.6for description of aircraft maintenance provisions.
Aircraft lease provisions
As per the terms of aircraft lease agreements, the Company is obliged to redeliver the aircraft to the lessors at the expiry of the lease term in certain redelivery condition as prescribed in the lease agreements. For the purpose of the initial measurement of the ROU asset, the Company has made an estimate of such maintenance, restoration and return costs. The calculation of this provision requires assumptions such as application of closure dates and cost estimates. The provision recognised for each site is periodically reviewed and updated based on the facts and circum-stances available at the time.
Maintenance, restoration and return provisions arising on the commence-ment of a lease are recognised as a provision with a corresponding amount recognised as part of the ROU asset. Any change in estimation relating to such costs are reflected in the ROU asset. Maintenance and return provisions that occur through usage or through the passage of time are recognised with a corresponding amount recorded over time in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__36": { "value": "2.9\tProvisions
Provisions are recognized when the Company has a present (legal or constructive) obligation as a result of a past event, it is probable the Company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. If the time value of money is material, provisions are discounted using a current pre-tax rate specific to the liability. The increase in the provision resulting from the passage of time is recognized as a finance cost. Refer to note 11.6for description of aircraft maintenance provisions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__37": { "value": "2.10\tSegment reporting
The Chief Operating Decision Makers ('CODM') currently reviews the Company\u2019s activities on a consolidated basis as one operating segment. Operating segments are presented using the 'management approach', where the information presented is on the same basis as the internal reports provided to the CODM. The CODM is responsible for the alloca-tion of resources to operating segments and assessing their performance. The segment reporting is based on the accounting policies such as they are described in these notes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__38": { "value": "2.11\tEarnings per share
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year, excluding ordinary shares purchased by the Company and held as treasury shares. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. For diluted earnings per share, diluted potential ordinary shares are determined independently for each period presented. When the number of ordinary shares outstanding changes (e.g. share split) the weighted average number of ordinary shares outstanding during all periods presented is adjusted retrospectively.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__39": { "value": "2.12\tConsolidated statement of cash flows
The Company\u2019s consolidated statement of cash flows is prepared using the indirect method. Cash flows from operating activities are incorporated as a part of the cash flow statement and the cash flows are divided into operating activities, investing activities and financing activities. In the cash flow statement, the net profit is adjusted for non-cash items, such as depreciation and non-cash movements in accounts payable and receiv-ables. Any cash flows that have been recorded as part of the net profit, but which are investing or financing in nature, are removed from operating cash flows and presented as part of investing or financing cash flows.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__40": { "value": "2.13\tIncome tax
The income tax expenses or benefit for the period consists of the tax payable and changes to deferred tax. Deferred tax/tax assets are calcu-lated on all differences between the book value and tax value of assets and liabilities, with the exception of:
\u2022temporary differences linked to items that are not tax deductible
\u2022temporary differences related to investments in subsidiaries, associates or joint ventures when the Company controls when the temporary differences are to be reversed and this is not expected to take place in the foreseeable future.
Deferred tax assets are recognised when it is probable that the Company will have a sufficient profit for tax purposes in subsequent periods to utilise the tax asset. The Company recognises previously unrecognised deferred tax assets to the extent it has become probable that the company can utilise the deferred tax asset. Similarly, the Company will reduce a deferred tax asset to the extent that the Company no longer regards it as probable that it can utilise the deferred tax asset. The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date.
Deferred tax and deferred tax assets are measured on the basis of the expected future tax rates applicable to the legal entities within the Norse group where temporary differences have arisen.
Deferred tax and deferred tax assets are recognised at their nominal value and classified as non-current asset investments (long-term liabili-ties) in the consolidated statement of financial position.
Taxes payable and deferred taxes are recognised directly in equity to the extent that they relate to equity transactions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__41": { "value": "2.13\tIncome tax
The income tax expenses or benefit for the period consists of the tax payable and changes to deferred tax. Deferred tax/tax assets are calcu-lated on all differences between the book value and tax value of assets and liabilities, with the exception of:
\u2022temporary differences linked to items that are not tax deductible
\u2022temporary differences related to investments in subsidiaries, associates or joint ventures when the Company controls when the temporary differences are to be reversed and this is not expected to take place in the foreseeable future.
Deferred tax assets are recognised when it is probable that the Company will have a sufficient profit for tax purposes in subsequent periods to utilise the tax asset. The Company recognises previously unrecognised deferred tax assets to the extent it has become probable that the company can utilise the deferred tax asset. Similarly, the Company will reduce a deferred tax asset to the extent that the Company no longer regards it as probable that it can utilise the deferred tax asset. The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date.
Deferred tax and deferred tax assets are measured on the basis of the expected future tax rates applicable to the legal entities within the Norse group where temporary differences have arisen.
Deferred tax and deferred tax assets are recognised at their nominal value and classified as non-current asset investments (long-term liabili-ties) in the consolidated statement of financial position.
Taxes payable and deferred taxes are recognised directly in equity to the extent that they relate to equity transactions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__42": { "value": "2.14\tCritical accounting estimates and judgments
Preparation of the Company\u2019s consolidated financial statements requires management and the board to make estimates, judgments and assump-tions that affect the reported amount of revenue, expenses, assets and liabilities, as well as the accompanying disclosures. Management continu-ally evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, manage-ment believes to be reasonable under the circumstances. Uncertainty about these estimates, judgments and assumptions could result in outcomes that require a material adjustment to the carrying amounts of assets or liabilities in future periods.
Estimation of useful lives of assets
The consolidated entity determines the estimated useful lives and related depreciation and amortisation charges for its property, plant and equipment and finite life intangible assets. The useful lives could change significantly as a result of technical innovations or some other event. The depreciation and amortisation charge will increase where the useful lives are less than previously estimated lives, or technically obsolete or non-strategic assets that have been abandoned or sold will be written off or written down.
Impairment of assets
The consolidated entity assesses impairment of non-financial assets and other indefinite life intangible assets at each reporting date by evaluating conditions specific to the consolidated entity and to the particular asset
that may lead to impairment. If an impairment trigger exists, the recover-able amount of the asset is determined. The recoverable amount is based on third party valuations, or management calculations. Management calculation of fair value less costs of disposal or value-in-use incorporates several key estimates and assumptions.
Aircraft lease provisions
As per the terms of aircraft lease agreements, the Company is obliged to redeliver the aircraft to the lessors at the expiry of the lease term in certain redelivery condition as prescribed in the lease agreements. For the purpose of the initial measurement of the ROU asset, the Company has made an estimate of such maintenance, restoration and return costs. The calculation of this provision requires assumptions such as application of closure dates and cost estimates. The provision recognised for each site is periodically reviewed and updated based on the facts and circum-stances available at the time.
Maintenance, restoration and return provisions arising on the commence-ment of a lease are recognised as a provision with a corresponding amount recognised as part of the ROU asset. Any change in estimation relating to such costs are reflected in the ROU asset. Maintenance and return provisions that occur through usage or through the passage of time are recognised with a corresponding amount recorded over time in the income statement.
Lease discount rate
The aircraft lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the rate implicit in the lease. The aircraft leases have been discounted using the rate implicit in the lease on each aircraft lease agreement separately. The calculation of the discount rate implicit in the lease is based on information within the lease agreement, public lessor information and fair values of aircraft published and provided by third parties. No parts of the calculation are based on assumptions made by the Company. Where the interest rate implicit in a lease cannot be readily determined, an incremental borrowing rate is estimated to discount future lease payments to measure the present value of the lease liability at the
lease commencement date. Such a rate is based on what the consoli-dated entity estimates it would have to pay a third party to borrow the funds necessary to obtain an asset of a similar value to the right-of-use asset, with similar terms, security and economic environment.
Financial forecasts
Financial forecasts are not accounting estimates as such, but they do constitute key input in management assessments in relation to accounting. As basis for evaluation of the going concern assumption, the Company prepares financial forecasts simulating future financial performance of the Company under a wide set of assumptions. Forecasts involve risks and uncertainty. Some significant risk factors include, but are not limited to, factors such as degree of commercial success expressed through achieved load factors and fares, and the future development in jet fuel prices. In assessing the going concern assumption, the Company has performed sensitivity analyses of its financial forecasts by variation of key assumptions on fares, load factors and jet fuel prices. Sensitivity analyses have been made for reasonable alternative outcomes of such key assumptions.
Note 3\tFinancial risk
As of 31 December 2025, the Company carries interest-bearing liabilities in the form lease liabilities, a shareholder loan, a bank overdraft facility and a convertible bond. As at the yearend, the Company\u2019s principal financial assets are its cash deposits held with the banks. The Company\u2019s key financial risks are described below.
3.1\tForeign currency risk
The Company has exposure to the risk of changes in foreign exchange rates related to its cash and cash equiva-lents held in foreign currencies. As at 31 December 2025 49% of the Company\u2019s cash and cash equivalents are held in foreign currencies. The following table represents the Company\u2019s cash balance\u2019s exposure to foreign currencies:
(in thousands of equivalent USD) | 31 DEC 2025 | 31 DEC 2024 |
Cash and cash equivalents held in foreign currencies | ||
NOK | 2,189 | 1,542 |
GBP | 4,629 | 1,462 |
SEK | 612 | - |
EUR | 993 | 475 |
THB | 142 | 36 |
Total Cash and cash equivalents held in foreign currencies | 8,565 | 3,515 |
Cash and cash equivalents held in USD | 8,989 | 19,339 |
There is also foreign exchange rate risk present in the current line items \u2018Credit card receivables\u2019, \u2018Deferred passenger revenue\u2019 and \u2018Trade and other payables\u2019.
Around 65% of the Company\u2019s passenger revenues are denominated in USD, and all cargo revenue and aircraft lease revenues including charter/ACMI are in USD, hence the majority of revenues are in USD. The major operating costs, including fuel cost and aircraft lease cost, are denominated in USD, while airport and personnel costs are denominated in a mixture of USD, GBP, EUR and NOK, depending on the location of the operation. The Company has a somewhat similar revenue-to-cost ratio in the four main currencies of USD, GBP, EUR and NOK. Currently, the Company has not entered into any currency risk hedging arrangements outside of the natural hedges being inherent in the assets, liabilities and cash flows of the business activities.
The following table shows the impact on the Company\u2019s profit or loss as at 31 December 2025 from a +/- 10% change in foreign exchange rates of the currencies representing the largest exposure to foreign exchange rate risk:
(In thousands of USD) | NOK | GBP | EUR |
Effect on profit and loss of FX rate +10% | (146) | (2,753) | (765) |
Effect on profit and loss of FX rate -10% | 146 | 2,753 | 765 |
3.2\tLiquidity risk
The objective of the Company\u2019s liquidity risk management is to ensure that the Company maintains sufficient cash balance to support the Company\u2019s operations, serve its liabilities as they fall due, and over time create returns to the shareholders. The Company\u2019s senior management closely monitors the movement in the Company\u2019s liquidity position on a weekly basis and forecasts for liquidity reserves based on expected cash flows.
The following table shows the maturity profile of the Company\u2019s financial liabilities as at year end based on the contractual payment terms. The amounts disclosed below are undiscounted cash flows.
2025
(in thousands of USD) | Within 6 months | 6 \u2013 12 months | 1 \u2013 2 years | 3 \u2013 5 years | More than 5 years | Total |
Aircraft lease payments | 43,020 | 43,020 | 86,040 | 258,120 | 433,823 | 864,023 |
Other lease payments | 4,105 | 4,128 | 8,255 | 24,889 | 33,941 | 75,317 |
Total of lease liabilities | 47,125 | 47,148 | 94,295 | 283,009 | 467,763 | 939,340 |
Convertibe bonds | 1,275 | 1,275 | 32,550 | - | - | 35,100 |
Shareholder loan | - | - | 8,691 | - | - | 8,691 |
Bank overdraft facility | 20,314 | - | - | - | - | 20,314 |
Deferred passenger revenue | 79,889 | 13,966 | - | - | - | 93,855 |
Trade and other payables | 167,884 | - | - | - | - | 167,884 |
Total as at 31 Dec 2025 | 316,486 | 62,388 | 135,536 | 283,009 | 467,763 | 1,265,183 |
2024
(in thousands of USD) | Within 6 months | 6 \u2013 12 months | 1 \u2013 2 years | 3 \u2013 5 years | More than 5 years | Total |
Aircraft lease payments | 50,220 | 50,220 | 100,440 | 301,320 | 510,815 | 1,013,015 |
Other lease payments | 4,017 | 4,017 | 7,996 | 24,026 | 41,917 | 81,973 |
Total of lease liabilities | 54,237 | 54,237 | 108,436 | 325,346 | 552,731 | 1,094,988 |
Shareholder loan | - | - | 26,316 | - | - | 26,316 |
Deferred passenger revenue | 26,335 | 74,954 | - | - | - | 101,289 |
Trade and other payables | 138,864 | - | - | - | - | 138,864 |
Total as at 31 Dec 2024 | 219,437 | 129,191 | 134,752 | 325,346 | 552,731 | 1,361,457 |
3.3\tCredit risk
Credit risk is the risk that a counterparty defaults on its contractual obligations, resulting in financial loss to the Company. The Company is exposed to credit risk primarily from cash held at bank and aircraft lease deposits, as well as credit exposure to commercial customers/credit card institutions. The Company manages its counterparty risk relating to cash held at bank by only holding deposits at reputable international banks and financial institutions. The risk arising from receivables on credit card companies are monitored closely. The Company manages its counterparty risk relating to aircraft lease deposits by entering leases with internationally renowned aircraft lessors. At 31 December 2025 the Company had deposits with AerCap Holdings NV and BOC Aviation Ltd. The Company\u2019s fleet by the end of the Period consists of 12 Boeing 787-9.
3.4\tCapital management
The objective of the Company is to manage capital to ensure a going concern in order to meet operational demands, minimise cost of capital and maximise the return on capital employed. The Company mainly has been financed by equity and lease liabilities following from lease agreements. Further to this, the Company has estab-lished financing arrangements in the form of a bank overdraft facility, a shareholder loan and a convertible bond.
3.5\tFuel risk
The Company is exposed to fuel price risks as it represents a substantial part of operating expenses. For ACMI operations, fuel is at the expense of the ACMI customer, and the Company hence carries fuel price risk only at operations in own network. The Company does not currently hedge the fuel price risk associated with the six aircraft operating in its own network. Fuel risk therefore is an operational risk and does not constitute a financial risk as at 31 December 2025.
3.6\tInterest rate risk
The Company has limited exposure to changes in interest rate as liabilities associated with aircraft leases, share-holder loan and convertible bonds all carry fixed interest rates. The Company is exposed to interest rate risk on cash held at bank as well as the bank overdraft facility. The Company does not currently hedge its interest risk. The following table presents the estimated effect on profit or loss from one percentage point change in interest rates:
(In thousands of USD) | |
Effect on profit and loss of interest rate +1% | (28) |
Effect on profit and loss of interest rate -1% | 28 |
3.7\tClimate risk
The business activities and assets of the Company are subject to certain aspects of climate risk. The Company is in the aviation industry, representing two per cent of global carbon emissions. The cost of carbon emissions should be expected to increase. In times of increased emission costs, Norse\u2019s relative position will be strong as the fleet of Boeing 787 Dreamliners renowned for their carbon emission efficiency. When sustainable aviation fuels become more available and commercially viable, Norse is also committed to transpose to such fuels, in turn potentially reducing direct emission costs.
As temperatures rise and extreme weather events become more frequent, operational disruptions \u2013 including increased turbulence, runway restrictions, and heightened risks of storm-related delays \u2013 may become more frequent. Coastal airports may be impacted by rising sea levels and flooding impacting operations at short notice. Changing weather patterns can challenge traditional routings and scheduling directly impacting fuel efficiency. All the above potentially comes with higher costs of running the Company\u2019s operations.
For assets of the Company being subject to climate risk, the material risk sits with the aircraft right-of-use assets. Such assets in the future potentially can become more expensive to operate during times of increased emission costs, and they can become less competitive as alternative carbon emission-free technology may develop. Such risks may have the consequence of assets decreasing in value, or in the very long run becoming completely obso-lete. However, as for now, the fleet of Boeing 787 Dreamliners constitutes the best technology available in terms of carbon emission efficiency, which constitutes a competitive advantage relative to other airlines, and also implying that the Company\u2019s assets hold a relatively high resistance towards obsolescence. If the assets in a very long term potentially should become fully impaired and obsolete, the ultimate risk of this does not sit with the Company, as the assets are leased and will be returned to the lessor by the end of the lease terms.
3.8\tGoing concern
Management and the Board of Directors take account of and consider all available information when evaluating the application of the going concern assumption. For this annual report, the going concern assump-tion has been evaluated for a period of 12 months following the end of the reporting period. The going concern assumption of the Company is subject to uncertainty.
Being an airline in its build-up phase, the Company has incurred losses over the first periods of operation, and at 31 December 2025 the reported equity is negative USD 260.0 million. The Company\u2019s total cash balance at 31 December 2025 is USD 17.6 million. For Norse\u2019s equity situation, the existence of value in the off-balance sheet assets, particularly related to the significant fair value of the aircraft lease contracts, and more, imply that the real equity could be higher than the book equity.
The Company has been through a process of shaping a strategic reori-entation for the Company. The outcome of such process is a revised business plan implying that the Company allocates a significant portion of its capacity towards longer-term ACMI services, whereas the Company has secured new contracts supporting the execution of such business plan. The plan implies a more modest capacity allocated to operation of routes within own scheduled network, in turn allowing for the Company to focus on its most profitable routes. The revised business plan implies generation of year-round fixed revenue and cash flows, and a de-risking of the business model.
Based on the major contracts entered into, as well as the Company\u2019s overall plans and ambitions, Norse has prepared financial forecasts that
over time show a positive development both in the group\u2019s financial results, financial position in terms of equity and in cash position. Forecasts are subject to risks and uncertainties. Some significant risk factors include, but are not limited to, commercial success expressed through achieved load factors and fares, as well as the future development in jet fuel prices. The demand for air travel is subject to seasonal variations and can also be significantly impacted by macroeconomic factors, such as high inflation, that could have a negative impact on customers\u2019 spending behavior. Airline fares, freight rates and passenger demand have fluctu-ated significantly in the past and may fluctuate significantly in the future.
Specifically, the Company also is in a position of owing an amount of approximately USD 14 million of historic and overdue passenger taxes to the US Internal Revenue Service (IRS), whereas current tax payments are serviced as they fall due. The US IRS has mechanisms of downpayment of such overdue taxes, under which individual agreements must be entered into. The Company has started paying down overdue taxes in monthly instalments and has proactively entered into a dialogue with the US IRS aiming at establishing a formal plan of downpayment.
There are several uncertainties affecting the financial position of the Company. This includes but is not limited to factors such as the commercial success of the Company during the winter season, the future development in jet fuel prices, the applied holdback mechanisms of credit card acquirers, the outcome of a downpayment plan to be established with the US IRS for the overdue US passenger taxes, as well as general operational risks. On the other hand, there is upside potential on the commercial and financial performance of the Company\u2019s own scheduled
network, whereas pre-sales on routes out for sale is trending well above the pre-sales realized at the same time the previous year.
On 14 April 2026, the Company announced a proposed fully underwritten and subscribed rights issue raising gross proceeds of USD 110 million in response to the changing geopolitical situation and unprecedented jet fuel price increase impacting the global airline industry after the conflict escalation in the Middle East in late February. The Company further announced a USD 70 million bridge loan facility to fund liquidity needs pending completion of the rights issue and accelerated implementation of cost-saving initiatives. Combined with recent developments in operating and commercial performance and the transition to a balanced dual ACMI and own network operating model, the Company expects the completion of these initiatives to create a financial and liquidity position sufficient until such time as the market normalizes and the Company reaches profitability.
The Board of Directors is of the opinion that, in line with the Company\u2019s business plan, there is a feasible plan for the Company to generate profits. In the Board of Directors\u2019 opinion, the going concern assumption is present and applies as basis for the Company\u2019s financial statements, but under the conditions present, the going concern assumption is subject to uncertainty taking into consideration the increased geopolit-ical uncertainty and volatility in fuel prices. In the event that the going concern assumption does not serve as basis for the Company\u2019s financial statements, depending on the specific circumstances, some assets of the Company may carry values lower than the values at which they are presented in these financial statements.
3.1\tForeign currency risk
The Company has exposure to the risk of changes in foreign exchange rates related to its cash and cash equiva-lents held in foreign currencies. As at 31 December 2025 49% of the Company\u2019s cash and cash equivalents are held in foreign currencies. The following table represents the Company\u2019s cash balance\u2019s exposure to foreign currencies:
(in thousands of equivalent USD) | 31 DEC 2025 | 31 DEC 2024 |
Cash and cash equivalents held in foreign currencies | ||
NOK | 2,189 | 1,542 |
GBP | 4,629 | 1,462 |
SEK | 612 | - |
EUR | 993 | 475 |
THB | 142 | 36 |
Total Cash and cash equivalents held in foreign currencies | 8,565 | 3,515 |
Cash and cash equivalents held in USD | 8,989 | 19,339 |
There is also foreign exchange rate risk present in the current line items \u2018Credit card receivables\u2019, \u2018Deferred passenger revenue\u2019 and \u2018Trade and other payables\u2019.
Around 65% of the Company\u2019s passenger revenues are denominated in USD, and all cargo revenue and aircraft lease revenues including charter/ACMI are in USD, hence the majority of revenues are in USD. The major operating costs, including fuel cost and aircraft lease cost, are denominated in USD, while airport and personnel costs are denominated in a mixture of USD, GBP, EUR and NOK, depending on the location of the operation. The Company has a somewhat similar revenue-to-cost ratio in the four main currencies of USD, GBP, EUR and NOK. Currently, the Company has not entered into any currency risk hedging arrangements outside of the natural hedges being inherent in the assets, liabilities and cash flows of the business activities.
The following table shows the impact on the Company\u2019s profit or loss as at 31 December 2025 from a +/- 10% change in foreign exchange rates of the currencies representing the largest exposure to foreign exchange rate risk:
(In thousands of USD) | NOK | GBP | EUR |
Effect on profit and loss of FX rate +10% | (146) | (2,753) | (765) |
Effect on profit and loss of FX rate -10% | 146 | 2,753 | 765 |
3.2\tLiquidity risk
The objective of the Company\u2019s liquidity risk management is to ensure that the Company maintains sufficient cash balance to support the Company\u2019s operations, serve its liabilities as they fall due, and over time create returns to the shareholders. The Company\u2019s senior management closely monitors the movement in the Company\u2019s liquidity position on a weekly basis and forecasts for liquidity reserves based on expected cash flows.
The following table shows the maturity profile of the Company\u2019s financial liabilities as at year end based on the contractual payment terms. The amounts disclosed below are undiscounted cash flows.
2025
(in thousands of USD) | Within 6 months | 6 \u2013 12 months | 1 \u2013 2 years | 3 \u2013 5 years | More than 5 years | Total |
Aircraft lease payments | 43,020 | 43,020 | 86,040 | 258,120 | 433,823 | 864,023 |
Other lease payments | 4,105 | 4,128 | 8,255 | 24,889 | 33,941 | 75,317 |
Total of lease liabilities | 47,125 | 47,148 | 94,295 | 283,009 | 467,763 | 939,340 |
Convertibe bonds | 1,275 | 1,275 | 32,550 | - | - | 35,100 |
Shareholder loan | - | - | 8,691 | - | - | 8,691 |
Bank overdraft facility | 20,314 | - | - | - | - | 20,314 |
Deferred passenger revenue | 79,889 | 13,966 | - | - | - | 93,855 |
Trade and other payables | 167,884 | - | - | - | - | 167,884 |
Total as at 31 Dec 2025 | 316,486 | 62,388 | 135,536 | 283,009 | 467,763 | 1,265,183 |
2024
(in thousands of USD) | Within 6 months | 6 \u2013 12 months | 1 \u2013 2 years | 3 \u2013 5 years | More than 5 years | Total |
Aircraft lease payments | 50,220 | 50,220 | 100,440 | 301,320 | 510,815 | 1,013,015 |
Other lease payments | 4,017 | 4,017 | 7,996 | 24,026 | 41,917 | 81,973 |
Total of lease liabilities | 54,237 | 54,237 | 108,436 | 325,346 | 552,731 | 1,094,988 |
Shareholder loan | - | - | 26,316 | - | - | 26,316 |
Deferred passenger revenue | 26,335 | 74,954 | - | - | - | 101,289 |
Trade and other payables | 138,864 | - | - | - | - | 138,864 |
Total as at 31 Dec 2024 | 219,437 | 129,191 | 134,752 | 325,346 | 552,731 | 1,361,457 |
3.2\tLiquidity risk
The objective of the Company\u2019s liquidity risk management is to ensure that the Company maintains sufficient cash balance to support the Company\u2019s operations, serve its liabilities as they fall due, and over time create returns to the shareholders. The Company\u2019s senior management closely monitors the movement in the Company\u2019s liquidity position on a weekly basis and forecasts for liquidity reserves based on expected cash flows.
The following table shows the maturity profile of the Company\u2019s financial liabilities as at year end based on the contractual payment terms. The amounts disclosed below are undiscounted cash flows.
2025
(in thousands of USD) | Within 6 months | 6 \u2013 12 months | 1 \u2013 2 years | 3 \u2013 5 years | More than 5 years | Total |
Aircraft lease payments | 43,020 | 43,020 | 86,040 | 258,120 | 433,823 | 864,023 |
Other lease payments | 4,105 | 4,128 | 8,255 | 24,889 | 33,941 | 75,317 |
Total of lease liabilities | 47,125 | 47,148 | 94,295 | 283,009 | 467,763 | 939,340 |
Convertibe bonds | 1,275 | 1,275 | 32,550 | - | - | 35,100 |
Shareholder loan | - | - | 8,691 | - | - | 8,691 |
Bank overdraft facility | 20,314 | - | - | - | - | 20,314 |
Deferred passenger revenue | 79,889 | 13,966 | - | - | - | 93,855 |
Trade and other payables | 167,884 | - | - | - | - | 167,884 |
Total as at 31 Dec 2025 | 316,486 | 62,388 | 135,536 | 283,009 | 467,763 | 1,265,183 |
2024
(in thousands of USD) | Within 6 months | 6 \u2013 12 months | 1 \u2013 2 years | 3 \u2013 5 years | More than 5 years | Total |
Aircraft lease payments | 50,220 | 50,220 | 100,440 | 301,320 | 510,815 | 1,013,015 |
Other lease payments | 4,017 | 4,017 | 7,996 | 24,026 | 41,917 | 81,973 |
Total of lease liabilities | 54,237 | 54,237 | 108,436 | 325,346 | 552,731 | 1,094,988 |
Shareholder loan | - | - | 26,316 | - | - | 26,316 |
Deferred passenger revenue | 26,335 | 74,954 | - | - | - | 101,289 |
Trade and other payables | 138,864 | - | - | - | - | 138,864 |
Total as at 31 Dec 2024 | 219,437 | 129,191 | 134,752 | 325,346 | 552,731 | 1,361,457 |
3.3\tCredit risk
Credit risk is the risk that a counterparty defaults on its contractual obligations, resulting in financial loss to the Company. The Company is exposed to credit risk primarily from cash held at bank and aircraft lease deposits, as well as credit exposure to commercial customers/credit card institutions. The Company manages its counterparty risk relating to cash held at bank by only holding deposits at reputable international banks and financial institutions. The risk arising from receivables on credit card companies are monitored closely. The Company manages its counterparty risk relating to aircraft lease deposits by entering leases with internationally renowned aircraft lessors. At 31 December 2025 the Company had deposits with AerCap Holdings NV and BOC Aviation Ltd. The Company\u2019s fleet by the end of the Period consists of 12 Boeing 787-9.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__50": { "value": "3.4\tCapital management
The objective of the Company is to manage capital to ensure a going concern in order to meet operational demands, minimise cost of capital and maximise the return on capital employed. The Company mainly has been financed by equity and lease liabilities following from lease agreements. Further to this, the Company has estab-lished financing arrangements in the form of a bank overdraft facility, a shareholder loan and a convertible bond.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__51": { "value": "3.8\tGoing concern
Management and the Board of Directors take account of and consider all available information when evaluating the application of the going concern assumption. For this annual report, the going concern assump-tion has been evaluated for a period of 12 months following the end of the reporting period. The going concern assumption of the Company is subject to uncertainty.
Being an airline in its build-up phase, the Company has incurred losses over the first periods of operation, and at 31 December 2025 the reported equity is negative USD 260.0 million. The Company\u2019s total cash balance at 31 December 2025 is USD 17.6 million. For Norse\u2019s equity situation, the existence of value in the off-balance sheet assets, particularly related to the significant fair value of the aircraft lease contracts, and more, imply that the real equity could be higher than the book equity.
The Company has been through a process of shaping a strategic reori-entation for the Company. The outcome of such process is a revised business plan implying that the Company allocates a significant portion of its capacity towards longer-term ACMI services, whereas the Company has secured new contracts supporting the execution of such business plan. The plan implies a more modest capacity allocated to operation of routes within own scheduled network, in turn allowing for the Company to focus on its most profitable routes. The revised business plan implies generation of year-round fixed revenue and cash flows, and a de-risking of the business model.
Based on the major contracts entered into, as well as the Company\u2019s overall plans and ambitions, Norse has prepared financial forecasts that
over time show a positive development both in the group\u2019s financial results, financial position in terms of equity and in cash position. Forecasts are subject to risks and uncertainties. Some significant risk factors include, but are not limited to, commercial success expressed through achieved load factors and fares, as well as the future development in jet fuel prices. The demand for air travel is subject to seasonal variations and can also be significantly impacted by macroeconomic factors, such as high inflation, that could have a negative impact on customers\u2019 spending behavior. Airline fares, freight rates and passenger demand have fluctu-ated significantly in the past and may fluctuate significantly in the future.
Specifically, the Company also is in a position of owing an amount of approximately USD 14 million of historic and overdue passenger taxes to the US Internal Revenue Service (IRS), whereas current tax payments are serviced as they fall due. The US IRS has mechanisms of downpayment of such overdue taxes, under which individual agreements must be entered into. The Company has started paying down overdue taxes in monthly instalments and has proactively entered into a dialogue with the US IRS aiming at establishing a formal plan of downpayment.
There are several uncertainties affecting the financial position of the Company. This includes but is not limited to factors such as the commercial success of the Company during the winter season, the future development in jet fuel prices, the applied holdback mechanisms of credit card acquirers, the outcome of a downpayment plan to be established with the US IRS for the overdue US passenger taxes, as well as general operational risks. On the other hand, there is upside potential on the commercial and financial performance of the Company\u2019s own scheduled
network, whereas pre-sales on routes out for sale is trending well above the pre-sales realized at the same time the previous year.
On 14 April 2026, the Company announced a proposed fully underwritten and subscribed rights issue raising gross proceeds of USD 110 million in response to the changing geopolitical situation and unprecedented jet fuel price increase impacting the global airline industry after the conflict escalation in the Middle East in late February. The Company further announced a USD 70 million bridge loan facility to fund liquidity needs pending completion of the rights issue and accelerated implementation of cost-saving initiatives. Combined with recent developments in operating and commercial performance and the transition to a balanced dual ACMI and own network operating model, the Company expects the completion of these initiatives to create a financial and liquidity position sufficient until such time as the market normalizes and the Company reaches profitability.
The Board of Directors is of the opinion that, in line with the Company\u2019s business plan, there is a feasible plan for the Company to generate profits. In the Board of Directors\u2019 opinion, the going concern assumption is present and applies as basis for the Company\u2019s financial statements, but under the conditions present, the going concern assumption is subject to uncertainty taking into consideration the increased geopolit-ical uncertainty and volatility in fuel prices. In the event that the going concern assumption does not serve as basis for the Company\u2019s financial statements, depending on the specific circumstances, some assets of the Company may carry values lower than the values at which they are presented in these financial statements.
3.8\tGoing concern
Management and the Board of Directors take account of and consider all available information when evaluating the application of the going concern assumption. For this annual report, the going concern assump-tion has been evaluated for a period of 12 months following the end of the reporting period. The going concern assumption of the Company is subject to uncertainty.
Being an airline in its build-up phase, the Company has incurred losses over the first periods of operation, and at 31 December 2025 the reported equity is negative USD 260.0 million. The Company\u2019s total cash balance at 31 December 2025 is USD 17.6 million. For Norse\u2019s equity situation, the existence of value in the off-balance sheet assets, particularly related to the significant fair value of the aircraft lease contracts, and more, imply that the real equity could be higher than the book equity.
The Company has been through a process of shaping a strategic reori-entation for the Company. The outcome of such process is a revised business plan implying that the Company allocates a significant portion of its capacity towards longer-term ACMI services, whereas the Company has secured new contracts supporting the execution of such business plan. The plan implies a more modest capacity allocated to operation of routes within own scheduled network, in turn allowing for the Company to focus on its most profitable routes. The revised business plan implies generation of year-round fixed revenue and cash flows, and a de-risking of the business model.
Based on the major contracts entered into, as well as the Company\u2019s overall plans and ambitions, Norse has prepared financial forecasts that
over time show a positive development both in the group\u2019s financial results, financial position in terms of equity and in cash position. Forecasts are subject to risks and uncertainties. Some significant risk factors include, but are not limited to, commercial success expressed through achieved load factors and fares, as well as the future development in jet fuel prices. The demand for air travel is subject to seasonal variations and can also be significantly impacted by macroeconomic factors, such as high inflation, that could have a negative impact on customers\u2019 spending behavior. Airline fares, freight rates and passenger demand have fluctu-ated significantly in the past and may fluctuate significantly in the future.
Specifically, the Company also is in a position of owing an amount of approximately USD 14 million of historic and overdue passenger taxes to the US Internal Revenue Service (IRS), whereas current tax payments are serviced as they fall due. The US IRS has mechanisms of downpayment of such overdue taxes, under which individual agreements must be entered into. The Company has started paying down overdue taxes in monthly instalments and has proactively entered into a dialogue with the US IRS aiming at establishing a formal plan of downpayment.
There are several uncertainties affecting the financial position of the Company. This includes but is not limited to factors such as the commercial success of the Company during the winter season, the future development in jet fuel prices, the applied holdback mechanisms of credit card acquirers, the outcome of a downpayment plan to be established with the US IRS for the overdue US passenger taxes, as well as general operational risks. On the other hand, there is upside potential on the commercial and financial performance of the Company\u2019s own scheduled
network, whereas pre-sales on routes out for sale is trending well above the pre-sales realized at the same time the previous year.
On 14 April 2026, the Company announced a proposed fully underwritten and subscribed rights issue raising gross proceeds of USD 110 million in response to the changing geopolitical situation and unprecedented jet fuel price increase impacting the global airline industry after the conflict escalation in the Middle East in late February. The Company further announced a USD 70 million bridge loan facility to fund liquidity needs pending completion of the rights issue and accelerated implementation of cost-saving initiatives. Combined with recent developments in operating and commercial performance and the transition to a balanced dual ACMI and own network operating model, the Company expects the completion of these initiatives to create a financial and liquidity position sufficient until such time as the market normalizes and the Company reaches profitability.
The Board of Directors is of the opinion that, in line with the Company\u2019s business plan, there is a feasible plan for the Company to generate profits. In the Board of Directors\u2019 opinion, the going concern assumption is present and applies as basis for the Company\u2019s financial statements, but under the conditions present, the going concern assumption is subject to uncertainty taking into consideration the increased geopolit-ical uncertainty and volatility in fuel prices. In the event that the going concern assumption does not serve as basis for the Company\u2019s financial statements, depending on the specific circumstances, some assets of the Company may carry values lower than the values at which they are presented in these financial statements.
3.8\tGoing concern
Management and the Board of Directors take account of and consider all available information when evaluating the application of the going concern assumption. For this annual report, the going concern assump-tion has been evaluated for a period of 12 months following the end of the reporting period. The going concern assumption of the Company is subject to uncertainty.
Being an airline in its build-up phase, the Company has incurred losses over the first periods of operation, and at 31 December 2025 the reported equity is negative USD 260.0 million. The Company\u2019s total cash balance at 31 December 2025 is USD 17.6 million. For Norse\u2019s equity situation, the existence of value in the off-balance sheet assets, particularly related to the significant fair value of the aircraft lease contracts, and more, imply that the real equity could be higher than the book equity.
The Company has been through a process of shaping a strategic reori-entation for the Company. The outcome of such process is a revised business plan implying that the Company allocates a significant portion of its capacity towards longer-term ACMI services, whereas the Company has secured new contracts supporting the execution of such business plan. The plan implies a more modest capacity allocated to operation of routes within own scheduled network, in turn allowing for the Company to focus on its most profitable routes. The revised business plan implies generation of year-round fixed revenue and cash flows, and a de-risking of the business model.
Based on the major contracts entered into, as well as the Company\u2019s overall plans and ambitions, Norse has prepared financial forecasts that
over time show a positive development both in the group\u2019s financial results, financial position in terms of equity and in cash position. Forecasts are subject to risks and uncertainties. Some significant risk factors include, but are not limited to, commercial success expressed through achieved load factors and fares, as well as the future development in jet fuel prices. The demand for air travel is subject to seasonal variations and can also be significantly impacted by macroeconomic factors, such as high inflation, that could have a negative impact on customers\u2019 spending behavior. Airline fares, freight rates and passenger demand have fluctu-ated significantly in the past and may fluctuate significantly in the future.
Specifically, the Company also is in a position of owing an amount of approximately USD 14 million of historic and overdue passenger taxes to the US Internal Revenue Service (IRS), whereas current tax payments are serviced as they fall due. The US IRS has mechanisms of downpayment of such overdue taxes, under which individual agreements must be entered into. The Company has started paying down overdue taxes in monthly instalments and has proactively entered into a dialogue with the US IRS aiming at establishing a formal plan of downpayment.
There are several uncertainties affecting the financial position of the Company. This includes but is not limited to factors such as the commercial success of the Company during the winter season, the future development in jet fuel prices, the applied holdback mechanisms of credit card acquirers, the outcome of a downpayment plan to be established with the US IRS for the overdue US passenger taxes, as well as general operational risks. On the other hand, there is upside potential on the commercial and financial performance of the Company\u2019s own scheduled
network, whereas pre-sales on routes out for sale is trending well above the pre-sales realized at the same time the previous year.
On 14 April 2026, the Company announced a proposed fully underwritten and subscribed rights issue raising gross proceeds of USD 110 million in response to the changing geopolitical situation and unprecedented jet fuel price increase impacting the global airline industry after the conflict escalation in the Middle East in late February. The Company further announced a USD 70 million bridge loan facility to fund liquidity needs pending completion of the rights issue and accelerated implementation of cost-saving initiatives. Combined with recent developments in operating and commercial performance and the transition to a balanced dual ACMI and own network operating model, the Company expects the completion of these initiatives to create a financial and liquidity position sufficient until such time as the market normalizes and the Company reaches profitability.
The Board of Directors is of the opinion that, in line with the Company\u2019s business plan, there is a feasible plan for the Company to generate profits. In the Board of Directors\u2019 opinion, the going concern assumption is present and applies as basis for the Company\u2019s financial statements, but under the conditions present, the going concern assumption is subject to uncertainty taking into consideration the increased geopolit-ical uncertainty and volatility in fuel prices. In the event that the going concern assumption does not serve as basis for the Company\u2019s financial statements, depending on the specific circumstances, some assets of the Company may carry values lower than the values at which they are presented in these financial statements.
Note 4\tRevenue and segment reporting
The chief operating decision maker currently reviews the Company\u2019s activities on a consolidated basis as one oper-ating segment. The chief operating decision maker has been identified as the company\u2019s Executive Management.
4.1\tRevenue
(in thousands of USD) | 2025 | 2024 |
Airfare passenger revenue | 459,497 | 395,249 |
Ancillary passenger revenue | 104,156 | 108,200 |
Total passenger revenues | 563,653 | 503,449 |
Cargo | 28,771 | 20,678 |
Total own flights | 592,425 | 524,127 |
Lease income | 1,431 | 18,805 |
Charter | 84,647 | 37,144 |
Other revenue | 55,539 | 8,031 |
Total Operating Revenue | 734,042 | 588,106 |
Airfare passenger revenue comprises only ticket revenue, while ancillary passenger revenue consists of other passenger related revenue than the ticket revenue. Lease rentals are revenue from subleasing of aircraft. Other revenue consists of revenue from maintenance services provided by the Company\u2019s maintenance organization to third parties. Included in Other revenue of the Period, is a gain on lease modifications of USD 28.7 million, stemming from the early redeliveries of three Boeing 787-8 aircraft.
The Company has remaining performance obligations under contracts with customers in relation to passenger revenue. The line item \u201cDeferred passenger revenue\u201d of the consolidated statement of financial position represents prepayments from customers exclusive of taxes for services to be delivered in the future. All such liabilities are for services to be rendered within a period of a year.
Furthermore, the Company has remaining performance obligations under contracts with customers for charter services, but whereas such services are paid upon delivery, and all remaining performance obligations are for contracts with remaining duration of less than a year.
4.2\tOperating segments
Revenue by country | Non-current assets by country | |||
(in thousands of USD) | 2025 | 2024 | 2025 | 2024 |
Norway | 79,827 | 40,717 | 474,927 | 530,453 |
UK | 150,674 | 106,819 | 229,817 | 297,014 |
Rest of Europe | 109,871 | 101,810 | 680 | - |
USA | 309,109 | 296,408 | 3 | 46 |
India | 47,667 | - | - | - |
Other | 36,894 | 42,353 | - | - |
Total | 734,042 | 588,106 | 705,427 | 827,513 |
The geographical table above shows revenue based on the country or region where the sales originated. Non-current assets by country are exclusive of financial instruments.
Note 4\tRevenue and segment reporting
The chief operating decision maker currently reviews the Company\u2019s activities on a consolidated basis as one oper-ating segment. The chief operating decision maker has been identified as the company\u2019s Executive Management.
4.1\tRevenue
(in thousands of USD) | 2025 | 2024 |
Airfare passenger revenue | 459,497 | 395,249 |
Ancillary passenger revenue | 104,156 | 108,200 |
Total passenger revenues | 563,653 | 503,449 |
Cargo | 28,771 | 20,678 |
Total own flights | 592,425 | 524,127 |
Lease income | 1,431 | 18,805 |
Charter | 84,647 | 37,144 |
Other revenue | 55,539 | 8,031 |
Total Operating Revenue | 734,042 | 588,106 |
Airfare passenger revenue comprises only ticket revenue, while ancillary passenger revenue consists of other passenger related revenue than the ticket revenue. Lease rentals are revenue from subleasing of aircraft. Other revenue consists of revenue from maintenance services provided by the Company\u2019s maintenance organization to third parties. Included in Other revenue of the Period, is a gain on lease modifications of USD 28.7 million, stemming from the early redeliveries of three Boeing 787-8 aircraft.
The Company has remaining performance obligations under contracts with customers in relation to passenger revenue. The line item \u201cDeferred passenger revenue\u201d of the consolidated statement of financial position represents prepayments from customers exclusive of taxes for services to be delivered in the future. All such liabilities are for services to be rendered within a period of a year.
Furthermore, the Company has remaining performance obligations under contracts with customers for charter services, but whereas such services are paid upon delivery, and all remaining performance obligations are for contracts with remaining duration of less than a year.
4.2\tOperating segments
Revenue by country | Non-current assets by country | |||
(in thousands of USD) | 2025 | 2024 | 2025 | 2024 |
Norway | 79,827 | 40,717 | 474,927 | 530,453 |
UK | 150,674 | 106,819 | 229,817 | 297,014 |
Rest of Europe | 109,871 | 101,810 | 680 | - |
USA | 309,109 | 296,408 | 3 | 46 |
India | 47,667 | - | - | - |
Other | 36,894 | 42,353 | - | - |
Total | 734,042 | 588,106 | 705,427 | 827,513 |
The geographical table above shows revenue based on the country or region where the sales originated. Non-current assets by country are exclusive of financial instruments.
4.2\tOperating segments
Revenue by country | Non-current assets by country | |||
(in thousands of USD) | 2025 | 2024 | 2025 | 2024 |
Norway | 79,827 | 40,717 | 474,927 | 530,453 |
UK | 150,674 | 106,819 | 229,817 | 297,014 |
Rest of Europe | 109,871 | 101,810 | 680 | - |
USA | 309,109 | 296,408 | 3 | 46 |
India | 47,667 | - | - | - |
Other | 36,894 | 42,353 | - | - |
Total | 734,042 | 588,106 | 705,427 | 827,513 |
The geographical table above shows revenue based on the country or region where the sales originated. Non-current assets by country are exclusive of financial instruments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__57-1": { "value": "Note 5\tPersonnel remuneration
5.1\tPersonnel expenses
(in thousands of USD) | 2025 | 2024 |
Salaries | 102,624 | 83,122 |
Social security costs | 13,871 | 10,413 |
Pension costs | 6,764 | 6,136 |
Hired-in employees | 6,350 | 6,040 |
Other employee costs | 31,232 | 25,989 |
Total | 160,840 | 131,701 |
Average number of FTEs during the fiscal year | 2025 | 2024 |
Cabin Crew | 730 | 648 |
Pilots | 279 | 253 |
Other | 255 | 279 |
Total | 1,265 | 1,180 |
5.2\tShare-based payments to employees
In May 2023, the Company introduced a long-term incentive program (LTIP) whereas senior employees are awarded with options to buy shares of the Company. The scheme has a vesting period of 5 years, with 20% of awarded options vesting annually. Vested options are exercisable up until the seventh anniversary of the grant date. If a participant ceases to be employed by the Company, any options not yet fully vested will be forfeited.
The LTIP is an equity-settled, share-based incentive program under which the Company receives services from the employees as consideration for equity-instruments (share options) of the Company. The fair value of the employee services received in exchange for the grants of the options is recognised as an expense over the vesting period, whereas the fair value is determined with reference to the fair value of the options granted.
The fair value of the options is estimated by an external party at the grant date, based on the Black-Scholes-Merton option pricing model, and with reference to relevant market data such as applicable. Employee retention rates are taken into consideration when estimating the number of options granted.
Provisions are made for social security contributions expected to fall due on exercise of share options. The provi-sion is calculated on a nominal basis, according to the current intrinsic value of the options, considering the degree of vesting and expected employee turnover rates.
To estimate the fair value of the options, the following parameters have been applied:
\u2022Current price of the share: The last available closing price of the Norse Atlantic ASA share at the grant date
\u2022Strike price: Such as agreed, being a volume weighted average of traded share price over the past five days of trading prior to the grant date
\u2022Volatility: Due to Norse Atlantic\u2019s limited length of share price history, the expected volatility is estimated using the historical or implied volatility of five benchmark listed airline entities
\u2022Dividends: As future dividend distributions will not result in the amendment of the exercise price, no dividend parameter is considered
\u2022Risk free interest rate: The exercise price is expressed in Norwegian Krone (NOK), and to find a zero-coupon government bond denominated in NOK, and with term similar to that expected of the options, reference is made to Norges Bank \u2018Statskasseveksler\u2019 and \u2018Obligasjoner\u2019 (bonds)
The following represents the status of share-based payments to employees:
2025 | 2024 | |||
(in NOK and number of options) | No of share options | Weighted average exercise price | No of share options | Weighted average exercise price |
Outstanding at the beginning of the period | 2,143,750 | 12.60 | 3,093,750 | 12.60 |
Granted during the period | 2,500,000 | 6.04 | - | - |
Forfeited during the period | (50,000) | 12.75 | (950,000) | 12.46 |
Outstanding at the end of the period | 4,593,750 | 9.06 | 2,143,750 | 12.60 |
Exercisable at the end of the period | 837,500 | 12.66 | 468,750 | 12.67 |
Measurement of fair value of granted share options1:
(NOK or such as otherwise stated) | 2025 | 2024 |
Number of options | 2,500,000 | - |
Contractual life (years) | 7.00 | - |
Strike price | 6.04 | - |
Share price | 5.70 | - |
Expected lifetime (years) | 4.00 | - |
Volatility (%) | 64.39 | - |
Interest rate (% p.a.) | 3.87 | - |
Dividend (% p.a.) | - | - |
FV per instrument | 2.82 | - |
1Weighted average parameters at grant of share options
31 DEC 2025 | 31 DEC 2024 | |
Range of exercise prices of outstanding options (NOK) | 6.04 \u2013 12.75 | 12.38 \u2013 12.75 |
Weighted average remaining contractual life (years) | 5.81 | 5.48 |
Liabilities from share-based payment transactions (thousands of USD) | - | - |
2025 | 2024 | |
Total expense arising from share-based payment transactions | 364 | 279 |
Portion of expense arising from equity settled share-based payment transactions | 364 | 279 |
5.3\tPensions
During the period, the Company operated defined pension contribution plans in Norway, UK, France, and the US, which comply with local pension legislation. The defined pension contribution plans require the Company to pay premiums to occupational pension schemes. In addition, for employees in Norway, Norse participated in a multi-employer defined benefit plan, a private sector tariff-based pension scheme (AFP). For all the pension plans, the Company has no further obligations once contractual premiums have been paid and are thereby recognized in the income statement as defined contribution plans. The premiums are accounted for as personnel expenses as soon as they are incurred.
Note 6\tRemuneration of the board of directors and executive management
6.1\tRemuneration to Key Management personnel
2025 | Employment Country | Salaries1 | Fees | Other benefits2 | Total | Defined pension contributions3 | |
(in thousands of USD) | |||||||
Bj\u00f8rn Tore Larsen | Chief Executive Officer 4 | Norway | 163 | - | 3 | 166 | 14 |
Eivind Roald | President & Chief Executive Officer 5 | Norway | 38 | - | - | 38 | 1 |
Anders Hall Jomaas | Chief Financial Officer 6 | Norway | - | 364 | - | 364 | - |
Thom Arne Norheim | Chief Operating Officer | Norway | 194 | - | 5 | 199 | 16 |
Kristin Berthelsen | Deputy CEO7 | Norway | 221 | - | 3 | 223 | 15 |
Total in 2025 | 616 | 364 | 11 | 990 | 46 |
1Includes holiday pay
2Other benefits include insurance, telephone, internet, etc
3Defined pension contributions show pension premium paid
4Bj\u00f8rn Tore Larsen resigned as CEO on 28 November 2025
5Eivind Roald assumed the role as President & Chief Executive Officer on 28 November 2025
6Anders Hall Jomaas holds his employment with Shiphold Management AS, in turn providing his services under a contract with the Company. The amount presented represents the amount invoiced under the contract for the period, and is (net of social security taxes, pension cost and insurance) equivalent to a salary of USD 247,000. The Company's former CEO, Bj\u00f8rn Tore Larsen, is the controlling shareholder of Shiphold Management AS
7Kristin Berthelsen assumed the role as Deputy CEO on 1 August 2025
As at 31 December 2025 none of the key management personnel were contractually entitled to any bonus.
2024 | Employment Country | Salaries1 | Fees | Other benefits2 | Total | Defined pension contributions3 | |
(in thousands of USD) | |||||||
Bj\u00f8rn Tore Larsen | Chief Executive Officer | Norway | 155 | - | 4 | 159 | 14 |
Anders Hall Jomaas | Chief Financial Officer4 | Norway | - | 335 | - | 335 | - |
B\u00e5rd Nordhagen | Chief Commercial Officer 5 | Norway | 103 | - | 3 | 105 | 14 |
Thom Arne Norheim | Chief Operating Officer | Norway | 168 | - | 4 | 172 | 14 |
Kristin Berthelsen | Chief of Staff and Culture Officer 6 | Norway | 122 | 116 | 1 | 240 | 9 |
Total in 2024 | 549 | 451 | 12 | 1,012 | 52 |
1Includes holiday pay
2Other benefits include insurance, telephone, internet, etc
3Defined pension contributions show pension premium paid
4Anders Hall Jomaas holds his employment with Shiphold Management AS, in turn providing his services under a contract with the Company. The amount presented represents the amount invoiced under the contract for the period, and is (net of social security taxes, pension cost and insurance) equivalent to a salary of USD 227,000. The Company's CEO, Bj\u00f8rn Tore Larsen, is the controlling shareholder of Shiphold Management AS
5B\u00e5rd Nordhagen assumed the role as Chief Commercial Officer on 6 June 2024
6Kristin Berthelsen was formally employed by the Company as from 1 June 2024. Prior to that she provided her services to the Company under a contract between Activepeople AS and the Company. During that period she received no salary or employment benefits directly from the Company. The amount stated as fees is the total amount invoiced under the contract for the period. Net of social security taxes, pension, insurance and other costs, this is equivalent to a salary of approximately USD 70,000, which brings total fees and salary up to an amount equivalent of a salary of approximately USD 192,000. Kristin Berthelsen is a shareholder of Activepeople AS.
As at 31 December 2024 none of the key management personnel were contractually entitled to any bonus.
The Board of Directors have prepared Guidelines on remuneration for executive personnel. The Guidelines on remuneration for executive personnel are publicly available under the Investor Relations section of Company\u2019s website www.flynorse.com.
6.2\tBoard remuneration
The total remuneration paid by the Company to its Board of Directors during the Period was as follows:
(in thousands of USD) | 2025 | 2024 | |||
Director | Date of appointment | Date of resignation | Board remuneration paid | ||
Terje Bodin Larsen1 | Chair of the Board | 1 Feb 2021 | 53 | 43 | |
Bj\u00f8rn Kjos | Member of the Board | 12 Apr 2021 | 36 | 27 | |
Aase Kristine Mikkelsen2 | Member of the Board | 12 Apr 2021 | 31 Dec 2025 | 52 | 28 |
Felix F\u00fcrst2 | Member of the Board | 18 Jun 2025 | 19 | - | |
Sofi Mylona | Member of the Board | 18 Jun 2025 | 18 | - | |
Jan Mathias Lindborg | Member of the Board, employee representative | 26 Jun 2024 | 12 | 4 | |
Synne-Linnea Einarsen | Member of the Board, employee representative | 26 Jun 2024 | 12 | 4 | |
Leif Andre Moland | Member of the Board, employee representative | 26 Jun 2024 | 12 | 4 | |
Timothy Sanger 2 | Member of the Board | 27 Nov 2023 | 23 May 2025 | 15 | 30 |
Marianne \u00d8kland 2 | Member of the Board | 27 Nov 2023 | 23 May 2025 | 15 | 30 |
Total | 243 | 170 |
1Including Audit Committee and Nomination Committee remuneration
2Including Audit Committee remuneration
Note 7\tAuditor\u2019s remuneration
(in thousands of USD) | 2025 | 2024 |
Audit fee | 463 | 491 |
Other attestation services | 147 | 82 |
Other services | 18 | 22 |
Total | 628 | 595 |
The company has elected RSM Norge AS as its auditor for the 2025 financial year. The engagement is for the financial audit as well as the sustainability audit. RSM Norge AS has made the decision to enter into a business combination with Cedra Norge, and following such business combination, the new combined audit company will not be offering attestation services to listed companies. Norse hence will facilitate a selection process for a new auditor, there next for it to be elected by the General Meeting of Norse.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__58": { "value": "5.1\tPersonnel expenses
(in thousands of USD) | 2025 | 2024 |
Salaries | 102,624 | 83,122 |
Social security costs | 13,871 | 10,413 |
Pension costs | 6,764 | 6,136 |
Hired-in employees | 6,350 | 6,040 |
Other employee costs | 31,232 | 25,989 |
Total | 160,840 | 131,701 |
Average number of FTEs during the fiscal year | 2025 | 2024 |
Cabin Crew | 730 | 648 |
Pilots | 279 | 253 |
Other | 255 | 279 |
Total | 1,265 | 1,180 |
5.1\tPersonnel expenses
(in thousands of USD) | 2025 | 2024 |
Salaries | 102,624 | 83,122 |
Social security costs | 13,871 | 10,413 |
Pension costs | 6,764 | 6,136 |
Hired-in employees | 6,350 | 6,040 |
Other employee costs | 31,232 | 25,989 |
Total | 160,840 | 131,701 |
Average number of FTEs during the fiscal year | 2025 | 2024 |
Cabin Crew | 730 | 648 |
Pilots | 279 | 253 |
Other | 255 | 279 |
Total | 1,265 | 1,180 |
5.2\tShare-based payments to employees
In May 2023, the Company introduced a long-term incentive program (LTIP) whereas senior employees are awarded with options to buy shares of the Company. The scheme has a vesting period of 5 years, with 20% of awarded options vesting annually. Vested options are exercisable up until the seventh anniversary of the grant date. If a participant ceases to be employed by the Company, any options not yet fully vested will be forfeited.
The LTIP is an equity-settled, share-based incentive program under which the Company receives services from the employees as consideration for equity-instruments (share options) of the Company. The fair value of the employee services received in exchange for the grants of the options is recognised as an expense over the vesting period, whereas the fair value is determined with reference to the fair value of the options granted.
The fair value of the options is estimated by an external party at the grant date, based on the Black-Scholes-Merton option pricing model, and with reference to relevant market data such as applicable. Employee retention rates are taken into consideration when estimating the number of options granted.
Provisions are made for social security contributions expected to fall due on exercise of share options. The provi-sion is calculated on a nominal basis, according to the current intrinsic value of the options, considering the degree of vesting and expected employee turnover rates.
To estimate the fair value of the options, the following parameters have been applied:
\u2022Current price of the share: The last available closing price of the Norse Atlantic ASA share at the grant date
\u2022Strike price: Such as agreed, being a volume weighted average of traded share price over the past five days of trading prior to the grant date
\u2022Volatility: Due to Norse Atlantic\u2019s limited length of share price history, the expected volatility is estimated using the historical or implied volatility of five benchmark listed airline entities
\u2022Dividends: As future dividend distributions will not result in the amendment of the exercise price, no dividend parameter is considered
\u2022Risk free interest rate: The exercise price is expressed in Norwegian Krone (NOK), and to find a zero-coupon government bond denominated in NOK, and with term similar to that expected of the options, reference is made to Norges Bank \u2018Statskasseveksler\u2019 and \u2018Obligasjoner\u2019 (bonds)
The following represents the status of share-based payments to employees:
2025 | 2024 | |||
(in NOK and number of options) | No of share options | Weighted average exercise price | No of share options | Weighted average exercise price |
Outstanding at the beginning of the period | 2,143,750 | 12.60 | 3,093,750 | 12.60 |
Granted during the period | 2,500,000 | 6.04 | - | - |
Forfeited during the period | (50,000) | 12.75 | (950,000) | 12.46 |
Outstanding at the end of the period | 4,593,750 | 9.06 | 2,143,750 | 12.60 |
Exercisable at the end of the period | 837,500 | 12.66 | 468,750 | 12.67 |
Measurement of fair value of granted share options1:
(NOK or such as otherwise stated) | 2025 | 2024 |
Number of options | 2,500,000 | - |
Contractual life (years) | 7.00 | - |
Strike price | 6.04 | - |
Share price | 5.70 | - |
Expected lifetime (years) | 4.00 | - |
Volatility (%) | 64.39 | - |
Interest rate (% p.a.) | 3.87 | - |
Dividend (% p.a.) | - | - |
FV per instrument | 2.82 | - |
1Weighted average parameters at grant of share options
31 DEC 2025 | 31 DEC 2024 | |
Range of exercise prices of outstanding options (NOK) | 6.04 \u2013 12.75 | 12.38 \u2013 12.75 |
Weighted average remaining contractual life (years) | 5.81 | 5.48 |
Liabilities from share-based payment transactions (thousands of USD) | - | - |
2025 | 2024 | |
Total expense arising from share-based payment transactions | 364 | 279 |
Portion of expense arising from equity settled share-based payment transactions | 364 | 279 |
5.3\tPensions
During the period, the Company operated defined pension contribution plans in Norway, UK, France, and the US, which comply with local pension legislation. The defined pension contribution plans require the Company to pay premiums to occupational pension schemes. In addition, for employees in Norway, Norse participated in a multi-employer defined benefit plan, a private sector tariff-based pension scheme (AFP). For all the pension plans, the Company has no further obligations once contractual premiums have been paid and are thereby recognized in the income statement as defined contribution plans. The premiums are accounted for as personnel expenses as soon as they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__62": { "value": "5.2\tShare-based payments to employees
In May 2023, the Company introduced a long-term incentive program (LTIP) whereas senior employees are awarded with options to buy shares of the Company. The scheme has a vesting period of 5 years, with 20% of awarded options vesting annually. Vested options are exercisable up until the seventh anniversary of the grant date. If a participant ceases to be employed by the Company, any options not yet fully vested will be forfeited.
The LTIP is an equity-settled, share-based incentive program under which the Company receives services from the employees as consideration for equity-instruments (share options) of the Company. The fair value of the employee services received in exchange for the grants of the options is recognised as an expense over the vesting period, whereas the fair value is determined with reference to the fair value of the options granted.
The fair value of the options is estimated by an external party at the grant date, based on the Black-Scholes-Merton option pricing model, and with reference to relevant market data such as applicable. Employee retention rates are taken into consideration when estimating the number of options granted.
Provisions are made for social security contributions expected to fall due on exercise of share options. The provi-sion is calculated on a nominal basis, according to the current intrinsic value of the options, considering the degree of vesting and expected employee turnover rates.
To estimate the fair value of the options, the following parameters have been applied:
\u2022Current price of the share: The last available closing price of the Norse Atlantic ASA share at the grant date
\u2022Strike price: Such as agreed, being a volume weighted average of traded share price over the past five days of trading prior to the grant date
\u2022Volatility: Due to Norse Atlantic\u2019s limited length of share price history, the expected volatility is estimated using the historical or implied volatility of five benchmark listed airline entities
\u2022Dividends: As future dividend distributions will not result in the amendment of the exercise price, no dividend parameter is considered
\u2022Risk free interest rate: The exercise price is expressed in Norwegian Krone (NOK), and to find a zero-coupon government bond denominated in NOK, and with term similar to that expected of the options, reference is made to Norges Bank \u2018Statskasseveksler\u2019 and \u2018Obligasjoner\u2019 (bonds)
The following represents the status of share-based payments to employees:
2025 | 2024 | |||
(in NOK and number of options) | No of share options | Weighted average exercise price | No of share options | Weighted average exercise price |
Outstanding at the beginning of the period | 2,143,750 | 12.60 | 3,093,750 | 12.60 |
Granted during the period | 2,500,000 | 6.04 | - | - |
Forfeited during the period | (50,000) | 12.75 | (950,000) | 12.46 |
Outstanding at the end of the period | 4,593,750 | 9.06 | 2,143,750 | 12.60 |
Exercisable at the end of the period | 837,500 | 12.66 | 468,750 | 12.67 |
Measurement of fair value of granted share options1:
(NOK or such as otherwise stated) | 2025 | 2024 |
Number of options | 2,500,000 | - |
Contractual life (years) | 7.00 | - |
Strike price | 6.04 | - |
Share price | 5.70 | - |
Expected lifetime (years) | 4.00 | - |
Volatility (%) | 64.39 | - |
Interest rate (% p.a.) | 3.87 | - |
Dividend (% p.a.) | - | - |
FV per instrument | 2.82 | - |
1Weighted average parameters at grant of share options
31 DEC 2025 | 31 DEC 2024 | |
Range of exercise prices of outstanding options (NOK) | 6.04 \u2013 12.75 | 12.38 \u2013 12.75 |
Weighted average remaining contractual life (years) | 5.81 | 5.48 |
Liabilities from share-based payment transactions (thousands of USD) | - | - |
2025 | 2024 | |
Total expense arising from share-based payment transactions | 364 | 279 |
Portion of expense arising from equity settled share-based payment transactions | 364 | 279 |
Note 6\tRemuneration of the board of directors and executive management
6.1\tRemuneration to Key Management personnel
2025 | Employment Country | Salaries1 | Fees | Other benefits2 | Total | Defined pension contributions3 | |
(in thousands of USD) | |||||||
Bj\u00f8rn Tore Larsen | Chief Executive Officer 4 | Norway | 163 | - | 3 | 166 | 14 |
Eivind Roald | President & Chief Executive Officer 5 | Norway | 38 | - | - | 38 | 1 |
Anders Hall Jomaas | Chief Financial Officer 6 | Norway | - | 364 | - | 364 | - |
Thom Arne Norheim | Chief Operating Officer | Norway | 194 | - | 5 | 199 | 16 |
Kristin Berthelsen | Deputy CEO7 | Norway | 221 | - | 3 | 223 | 15 |
Total in 2025 | 616 | 364 | 11 | 990 | 46 |
1Includes holiday pay
2Other benefits include insurance, telephone, internet, etc
3Defined pension contributions show pension premium paid
4Bj\u00f8rn Tore Larsen resigned as CEO on 28 November 2025
5Eivind Roald assumed the role as President & Chief Executive Officer on 28 November 2025
6Anders Hall Jomaas holds his employment with Shiphold Management AS, in turn providing his services under a contract with the Company. The amount presented represents the amount invoiced under the contract for the period, and is (net of social security taxes, pension cost and insurance) equivalent to a salary of USD 247,000. The Company's former CEO, Bj\u00f8rn Tore Larsen, is the controlling shareholder of Shiphold Management AS
7Kristin Berthelsen assumed the role as Deputy CEO on 1 August 2025
As at 31 December 2025 none of the key management personnel were contractually entitled to any bonus.
2024 | Employment Country | Salaries1 | Fees | Other benefits2 | Total | Defined pension contributions3 | |
(in thousands of USD) | |||||||
Bj\u00f8rn Tore Larsen | Chief Executive Officer | Norway | 155 | - | 4 | 159 | 14 |
Anders Hall Jomaas | Chief Financial Officer4 | Norway | - | 335 | - | 335 | - |
B\u00e5rd Nordhagen | Chief Commercial Officer 5 | Norway | 103 | - | 3 | 105 | 14 |
Thom Arne Norheim | Chief Operating Officer | Norway | 168 | - | 4 | 172 | 14 |
Kristin Berthelsen | Chief of Staff and Culture Officer 6 | Norway | 122 | 116 | 1 | 240 | 9 |
Total in 2024 | 549 | 451 | 12 | 1,012 | 52 |
1Includes holiday pay
2Other benefits include insurance, telephone, internet, etc
3Defined pension contributions show pension premium paid
4Anders Hall Jomaas holds his employment with Shiphold Management AS, in turn providing his services under a contract with the Company. The amount presented represents the amount invoiced under the contract for the period, and is (net of social security taxes, pension cost and insurance) equivalent to a salary of USD 227,000. The Company's CEO, Bj\u00f8rn Tore Larsen, is the controlling shareholder of Shiphold Management AS
5B\u00e5rd Nordhagen assumed the role as Chief Commercial Officer on 6 June 2024
6Kristin Berthelsen was formally employed by the Company as from 1 June 2024. Prior to that she provided her services to the Company under a contract between Activepeople AS and the Company. During that period she received no salary or employment benefits directly from the Company. The amount stated as fees is the total amount invoiced under the contract for the period. Net of social security taxes, pension, insurance and other costs, this is equivalent to a salary of approximately USD 70,000, which brings total fees and salary up to an amount equivalent of a salary of approximately USD 192,000. Kristin Berthelsen is a shareholder of Activepeople AS.
As at 31 December 2024 none of the key management personnel were contractually entitled to any bonus.
The Board of Directors have prepared Guidelines on remuneration for executive personnel. The Guidelines on remuneration for executive personnel are publicly available under the Investor Relations section of Company\u2019s website www.flynorse.com.
6.2\tBoard remuneration
The total remuneration paid by the Company to its Board of Directors during the Period was as follows:
(in thousands of USD) | 2025 | 2024 | |||
Director | Date of appointment | Date of resignation | Board remuneration paid | ||
Terje Bodin Larsen1 | Chair of the Board | 1 Feb 2021 | 53 | 43 | |
Bj\u00f8rn Kjos | Member of the Board | 12 Apr 2021 | 36 | 27 | |
Aase Kristine Mikkelsen2 | Member of the Board | 12 Apr 2021 | 31 Dec 2025 | 52 | 28 |
Felix F\u00fcrst2 | Member of the Board | 18 Jun 2025 | 19 | - | |
Sofi Mylona | Member of the Board | 18 Jun 2025 | 18 | - | |
Jan Mathias Lindborg | Member of the Board, employee representative | 26 Jun 2024 | 12 | 4 | |
Synne-Linnea Einarsen | Member of the Board, employee representative | 26 Jun 2024 | 12 | 4 | |
Leif Andre Moland | Member of the Board, employee representative | 26 Jun 2024 | 12 | 4 | |
Timothy Sanger 2 | Member of the Board | 27 Nov 2023 | 23 May 2025 | 15 | 30 |
Marianne \u00d8kland 2 | Member of the Board | 27 Nov 2023 | 23 May 2025 | 15 | 30 |
Total | 243 | 170 |
1Including Audit Committee and Nomination Committee remuneration
2Including Audit Committee remuneration
19.2\tShares and options held by Key Management and Board of Directors
Shares directly or indirectly held by members of the Board of Directors and Executive Management as at 31 December 2025, were as follows:
Name | Number of shares | Number of share options | |
Terje Bodin Larsen 1 | Chair of the Board | 75,000 | - |
Bj\u00f8rn Kjos 2 | Member of the Board | 910,000 | - |
Felix F\u00fcrst 3 | Member of the Board | 775,000 | - |
Leif Andre Moland | Member of the Board, employee repr. | 2,500 | 31,250 |
Eivind Roald | President & CEO | - | 2,500,000 |
Bj\u00f8rn Tore Larsen 4 | Chief Executive Officer | 47,904,781 | - |
Anders Hall Jomaas | Chief Financial Officer | 20,000 | 500,000 |
Thom Arne Norheim | Chief Operating Officer | - | 250,000 |
Kristin Berthelsen 5 | Chief of Staff and Culture Officer | 90,150 | 250,000 |
1Shares held through Vineta Ltd, a company controlled by Terje Bodin Larsen
2Shares held through Observatoriet Invest AS and Observatoriet Holding AS, both companies controlled by Bj\u00f8rn Kjos
3Member of the Board representing major shareholder Songa Capital AS holding 13,598,610 shares in the Company
4Shares held through B T Larsen & Co. Ltd, a company controlled by Bj\u00f8rn Tore Larsen. In addition, Ellen Hagen, a close associate of Bj\u00f8rn Tore Larsen, holds 5,000 shares in the Company
5Hereof 90,000 shares held through Alltid Alt AS, a company controlled by Kristin Berthelsen
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__66": { "value": "Note 7\tAuditor\u2019s remuneration
(in thousands of USD) | 2025 | 2024 |
Audit fee | 463 | 491 |
Other attestation services | 147 | 82 |
Other services | 18 | 22 |
Total | 628 | 595 |
The company has elected RSM Norge AS as its auditor for the 2025 financial year. The engagement is for the financial audit as well as the sustainability audit. RSM Norge AS has made the decision to enter into a business combination with Cedra Norge, and following such business combination, the new combined audit company will not be offering attestation services to listed companies. Norse hence will facilitate a selection process for a new auditor, there next for it to be elected by the General Meeting of Norse.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__67-1": { "value": "Note 8\tInterest expenses
(in thousands of USD) | 2025 | 2024 |
Lease liabilities interest expense | (32,752) | (36,061) |
Other interest expense | (7,336) | (2,958) |
Total | (40,088) | (39,019) |
Note 9\tOther financial income/(expense)
(in thousands of USD) | 2025 | 2024 |
Other financial income/(expense) | 1,168 | 1,489 |
Foreign exchange gains | 523 | 1,282 |
Foreign exchange losses | (2,802) | (1,810) |
Total | (1,111) | 962 |
Note 8\tInterest expenses
(in thousands of USD) | 2025 | 2024 |
Lease liabilities interest expense | (32,752) | (36,061) |
Other interest expense | (7,336) | (2,958) |
Total | (40,088) | (39,019) |
Note 9\tOther financial income/(expense)
(in thousands of USD) | 2025 | 2024 |
Other financial income/(expense) | 1,168 | 1,489 |
Foreign exchange gains | 523 | 1,282 |
Foreign exchange losses | (2,802) | (1,810) |
Total | (1,111) | 962 |
Note 9\tOther financial income/(expense)
(in thousands of USD) | 2025 | 2024 |
Other financial income/(expense) | 1,168 | 1,489 |
Foreign exchange gains | 523 | 1,282 |
Foreign exchange losses | (2,802) | (1,810) |
Total | (1,111) | 962 |
Note 9\tOther financial income/(expense)
(in thousands of USD) | 2025 | 2024 |
Other financial income/(expense) | 1,168 | 1,489 |
Foreign exchange gains | 523 | 1,282 |
Foreign exchange losses | (2,802) | (1,810) |
Total | (1,111) | 962 |
Note 9\tOther financial income/(expense)
(in thousands of USD) | 2025 | 2024 |
Other financial income/(expense) | 1,168 | 1,489 |
Foreign exchange gains | 523 | 1,282 |
Foreign exchange losses | (2,802) | (1,810) |
Total | (1,111) | 962 |
Note 9\tOther financial income/(expense)
(in thousands of USD) | 2025 | 2024 |
Other financial income/(expense) | 1,168 | 1,489 |
Foreign exchange gains | 523 | 1,282 |
Foreign exchange losses | (2,802) | (1,810) |
Total | (1,111) | 962 |
Note 10\tIncome tax
The Company\u2019s income tax expense for the period was as per below:
(in thousands of USD) | 2025 | 2024 |
Current tax: | ||
Tax payable | 648 | 379 |
Deferred tax | ||
Changes in deferred tax | (16,193) | (24,900) |
Deferred tax asset not recognized | 16,193 | 24,900 |
Income tax expense | 648 | 379 |
No tax expense is included in other comprehensive income or directly in equity.
Below is a reconciliation of the effective rate of tax and the tax rate in Norway:
(in thousands of USD) | 2025 | 2024 |
Pre-tax profit for the Period | (61,293) | (135,075) |
Income taxes calculated at 22% | (13,485) | (29,716) |
Deductible expenses related to equity issues | - | (195) |
Non-deductible expenses | 340 | 5 |
Other permanent differences | (548) | 687 |
Taxes paid abroad | - | 379 |
Other effects due to timing and exchange rates | (1,852) | 4,320 |
Deferred tax asset not recognized | 16,193 | 24,900 |
Income tax expense | 648 | 379 |
The following table details net deferred tax liabilities/(assets) as at 31 December:
(in thousands of USD) | 2025 | 2024 |
Right of use lease asset | 101,438 | 113,364 |
Other fixed assets | 361 | 638 |
Lease liabilities | (109,395) | (122,880) |
Provisions | (12,716) | (12,565) |
Interest deductions carried forward | (7,345) | (5,833) |
Tax losses carried forward | (84,689) | (68,877) |
Net deferred tax liabilities (assets) | (112,346) | (96,153) |
Of which recognized in the consolidated statement of financial position at the yearend | - | - |
The Company has not recognized any deferred tax assets during the Period. At this phase there is uncertainty present on the timing and amounts of tax losses that may be utilized in the future.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__76": { "value": "Note 10\tIncome tax
The Company\u2019s income tax expense for the period was as per below:
(in thousands of USD) | 2025 | 2024 |
Current tax: | ||
Tax payable | 648 | 379 |
Deferred tax | ||
Changes in deferred tax | (16,193) | (24,900) |
Deferred tax asset not recognized | 16,193 | 24,900 |
Income tax expense | 648 | 379 |
No tax expense is included in other comprehensive income or directly in equity.
Below is a reconciliation of the effective rate of tax and the tax rate in Norway:
(in thousands of USD) | 2025 | 2024 |
Pre-tax profit for the Period | (61,293) | (135,075) |
Income taxes calculated at 22% | (13,485) | (29,716) |
Deductible expenses related to equity issues | - | (195) |
Non-deductible expenses | 340 | 5 |
Other permanent differences | (548) | 687 |
Taxes paid abroad | - | 379 |
Other effects due to timing and exchange rates | (1,852) | 4,320 |
Deferred tax asset not recognized | 16,193 | 24,900 |
Income tax expense | 648 | 379 |
The following table details net deferred tax liabilities/(assets) as at 31 December:
(in thousands of USD) | 2025 | 2024 |
Right of use lease asset | 101,438 | 113,364 |
Other fixed assets | 361 | 638 |
Lease liabilities | (109,395) | (122,880) |
Provisions | (12,716) | (12,565) |
Interest deductions carried forward | (7,345) | (5,833) |
Tax losses carried forward | (84,689) | (68,877) |
Net deferred tax liabilities (assets) | (112,346) | (96,153) |
Of which recognized in the consolidated statement of financial position at the yearend | - | - |
The Company has not recognized any deferred tax assets during the Period. At this phase there is uncertainty present on the timing and amounts of tax losses that may be utilized in the future.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__77": { "value": "Note 10\tIncome tax
The Company\u2019s income tax expense for the period was as per below:
(in thousands of USD) | 2025 | 2024 |
Current tax: | ||
Tax payable | 648 | 379 |
Deferred tax | ||
Changes in deferred tax | (16,193) | (24,900) |
Deferred tax asset not recognized | 16,193 | 24,900 |
Income tax expense | 648 | 379 |
No tax expense is included in other comprehensive income or directly in equity.
Below is a reconciliation of the effective rate of tax and the tax rate in Norway:
(in thousands of USD) | 2025 | 2024 |
Pre-tax profit for the Period | (61,293) | (135,075) |
Income taxes calculated at 22% | (13,485) | (29,716) |
Deductible expenses related to equity issues | - | (195) |
Non-deductible expenses | 340 | 5 |
Other permanent differences | (548) | 687 |
Taxes paid abroad | - | 379 |
Other effects due to timing and exchange rates | (1,852) | 4,320 |
Deferred tax asset not recognized | 16,193 | 24,900 |
Income tax expense | 648 | 379 |
The following table details net deferred tax liabilities/(assets) as at 31 December:
(in thousands of USD) | 2025 | 2024 |
Right of use lease asset | 101,438 | 113,364 |
Other fixed assets | 361 | 638 |
Lease liabilities | (109,395) | (122,880) |
Provisions | (12,716) | (12,565) |
Interest deductions carried forward | (7,345) | (5,833) |
Tax losses carried forward | (84,689) | (68,877) |
Net deferred tax liabilities (assets) | (112,346) | (96,153) |
Of which recognized in the consolidated statement of financial position at the yearend | - | - |
The Company has not recognized any deferred tax assets during the Period. At this phase there is uncertainty present on the timing and amounts of tax losses that may be utilized in the future.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__78-1": { "value": "Note 11\tLeases and tangible assets
11.1\tAircraft leases
Norse leases 12 aircraft from two different lessors.
On 29 March 2021 the Company entered into an agreement for the lease of nine Boeing Dreamliner aircraft from AerCap Holdings NV, consisting of six Boeing 787-9s and three Boeing 787-8 aircraft (the \u201cAerCap Leases\u201d). The lease terms were approximately 8 years for the 787-8 aircraft and approximately 12 years for the 787-9 aircraft, measured from the inception date. In March 2025 the Company redelivered the three 787-8 aircraft to the head lessor to ensure a uniform fleet of 787-9 aircraft. Under the terms of the AerCap Leases the Company currently has placed a total lease deposit of USD 6 million.
On 2 August 2021 the Company entered into an agreement for the lease of six Boeing Dreamliner aircraft from BOC Aviation Ltd (the \u201cBOCA Leases\u201d). The lease terms are approximately 16 years per aircraft, measured from the aircraft delivery date. Under the terms of the BOCA Leases the Company has paid a total lease deposit of USD 12 million.
The first aircraft was delivered in December 2021, and the delivery of the final aircraft took place one year later in December 2022.
The leases are at historically low pricing and favourable lease terms including power by the hour payments for a minimum period of the first 12 months after respective aircraft deliveries. As of 31 December 2025, all aircraft are on fixed lease payments only.
The Company\u2019s fleet by the end of the Period consists of a uniform fleet of 12 787-9 aircraft.
11.2\tAircraft and other tangible assets
2025
(in thousands of USD) | ROU Aircraft | ROU Aircraft parts | ROU Other | Aircraft parts | Other tangibles | Total |
Acquisitions | ||||||
Opening balance 01 Jan 2025 | 958,181 | 55,447 | 1,258 | 7,891 | 1,310 | 1,024,088 |
Additions | 2,688 | - | 1,034 | 983 | 204 | 4,909 |
Disposals | (85,697) | - | - | - | - | (85,697) |
Acquisition cost 31 Dec 2025 | 875,172 | 55,447 | 2,293 | 8,874 | 1,514 | 943,300 |
Depreciation | ||||||
Opening balance 01 Jan 2025 | (189,048) | (7,402) | (588) | (1,856) | (501) | (199,395) |
Depreciation | (69,613) | (4,641) | (222) | (885) | (241) | (75,602) |
Disposals | 35,104 | - | - | - | - | 35,104 |
Depreciation per 31 Dec 2025 | (223,557) | (12,044) | (810) | (2,740) | (742) | (239,894) |
Closing balance at 31 Dec 2025 | 651,615 | 43,404 | 1,482 | 6,133 | 772 | 703,406 |
Useful life (years) | 6 \u2013 16 | 10 \u2013 12 | 2 \u2013 3 | 10 | 3 \u2013 5 |
2024
(in thousands of USD) | ROU Aircraft | ROU Aircraft parts | ROU Other | Aircraft parts | Other tangibles | Total |
Acquisitions | ||||||
Opening balance 01 Jan 2024 | 947,116 | 55,447 | 424 | 7,262 | 1,018 | 1,011,267 |
Additions | 11,067 | - | 834 | 628 | 292 | 12,822 |
Disposals | - | - | - | - | - | - |
Acquisition cost 31 Dec 2024 | 958,182 | 55,447 | 1,258 | 7,891 | 1,310 | 1,024,089 |
Depreciation | ||||||
Opening balance 01 Jan 2024 | (108,229) | (2,761) | (379) | (826) | (217) | (112,411) |
Depreciation | (80,819) | (4,641) | (209) | (1,029) | (285) | (86,984) |
Disposals | - | - | ||||
Depreciation per 31 Dec 2024 | (189,048) | (7,402) | (588) | (1,856) | (501) | (199,395) |
Closing balance at 31 Dec 2024 | 769,134 | 48,045 | 671 | 6,035 | 809 | 824,694 |
Useful life (years) | 6 \u2013 16 | 10 \u2013 12 | 2 \u2013 3 | 10 | 3 \u2013 5 |
11.3\tLease liabilities
Reconciliation of movements in lease liabilities:
(in thousands of USD) | 2025 | 2024 |
Opening balance 1 Jan | 905,719 | 973,827 |
Additions during the period | 1,037 | 834 |
Interest accrued | 29,194 | 30,903 |
Leases terminated | (60,076) | - |
Fixed lease payments during the period | (96,590) | (99,845) |
Closing balance 31 Dec | 779,285 | 905,719 |
Of which: | ||
Due within 12 months | 68,071 | 79,714 |
Due after 12 months | 711,214 | 826,005 |
Lease liabilities are for fixed lease payments only. By the end of the reporting period there are no remaining periods of variable lease payments for any leased aircraft.
The table below shows the maturity profile of the discounted lease liabilities at the reporting date:
2025
(in thousands of USD) | 2027 | 2028 | 2029 | 2030 | 2031 | 2032- | Total |
Aircraft | 66,251 | 68,065 | 70,040 | 72,025 | 74,072 | 314,079 | 664,532 |
Engines, wheels and brakes | 3,776 | 4,135 | 4,553 | 5,000 | 5,491 | 22,158 | 45,114 |
Offices | 269 | 331 | 376 | 286 | 80 | 224 | 1,567 |
Total | 70,297 | 72,532 | 74,970 | 77,312 | 79,643 | 336,461 | 711,214 |
2024
(in thousands of USD) | 2026 | 2027 | 2028 | 2029 | 2030 | 2031- | Total |
Aircraft | 78,379 | 80,345 | 82,316 | 75,575 | 72,025 | 388,151 | 776,791 |
Engines, wheels and brakes | 3,438 | 3,776 | 4,135 | 4,553 | 5,000 | 27,523 | 48,426 |
Offices | 86 | 90 | 130 | 153 | 124 | 205 | 788 |
Total | 81,903 | 84,211 | 86,582 | 80,281 | 77,149 | 415,879 | 826,005 |
Refer to note 3.2on liquidity risk for maturity profile of nominal amounts of liabilities.
The Company during the Period has recognized only insignificant amounts of lease payments associated with low-value leases as an expense directly in the Consolidated Statement of Comprehensive income. No such expenses have been recognized associated with short-term leases.
11.4\tAircraft lease deposits
The Company has paid security deposits for each aircraft that are refundable after redelivery of the respective aircraft once the individual lease expires or in the event of the lessor failing to deliver the aircraft to the Company. The nominal value of total deposits paid as at 31 December 2025 was USD 18 million. The security deposits become refundable at the expiration of the respective lease. The Company has initially recorded the deposits at their nominal value. Upon delivery of each aircraft, the Company remeasures the relevant deposit to its fair value on the date of delivery and the difference between the fair value and the nominal value of the deposit is added to the right-of-use asset as prepaid lease. Subsequent to such measurement at fair value, the deposits are carried at amortized cost.
11.5\tAircraft preparation investments
The cost of preparing aircraft for delivery, including aircraft surveys and livery expenditure, are capitalized as initial direct costs and then allocated to the ROU asset as the Company takes delivery of each aircraft.
11.6\tAircraft maintenance provisions
The requirements of the leases are such that Norse is obliged to maintain the airworthiness of the aircraft. Airworthiness requirements for the airline industry are the same whether the entity owns or leases the aircraft. The lease requires Norse to redeliver the aircraft to the lessors at the expiry of the lease term in certain redelivery condition as prescribed in the lease agreements. A provision is recognised for overhaul and maintenance costs of the future maintenance obligation at the time when such obligation becomes certain. This is when the respective aircraft component no longer meets the lease re-delivery conditions. Such provision is then recognised as an aircraft maintenance asset (Right of use asset) and depreciated over the period until the next maintenance event, the end of the asset operational life or the end of the lease. These assets are recognised at the commencement of each individual lease. Additionally, where the timing of the maintenance event is determined by usage, Norse makes provisions based on Flight hours or Cycles as applicable, which are expensed directly through the Statement of Comprehensive Income.
Refer to note 21for further information on Provisions.
Note 13\tFinancial assets and liabilities at amortised cost
13.1\tOverview financial assets and liabilities measured at amortized cost
Financial assets and liabilities measured at amortized cost are as follows:
(in thousands of USD) | 31 DEC 2025 | 31 DEC 2024 |
Financial assets | ||
Aircraft lease deposits | 15,013 | 16,502 |
Other non-current assets: Maintenance reserve payments | 51,534 | 32,338 |
Credit card receivables | 72,137 | 100,245 |
Other receivables | 24,695 | 11,668 |
Other current assets: Deposits | 4,703 | 3,607 |
Other current assets: Prepayments | 16,501 | 11,861 |
Cash and cash equivalents | 17,554 | 22,855 |
Total financial assets at amortised cost | 202,137 | 199,076 |
(in thousands of USD) | 31 DEC 2025 | 31 DEC 2024 |
Financial liabilities | ||
Lease liabilities non-current | 711,214 | 826,005 |
Interest-bearing liabilities non-current | 36,037 | 22,056 |
Deferred passenger revenue | 93,855 | 101,289 |
Trade and other payables | 167,884 | 138,864 |
Lease liabilities current | 68,071 | 79,714 |
Interest-bearing liabilities current | 20,314 | - |
Total financial liabilities at amortised cost | 1,097,375 | 1,167,929 |
Total net financial liabilities at amortised cost | 895,238 | 968,852 |
The nominal value of aircraft lease deposits is USD 18 million, whereas the fair value is estimated at approximately USD 15.0 million. The fair value of cash and cash equivalents and trade receivables and payables approximate their carrying amounts due to the short-term maturities of these instruments. Also other liabilities are assumed to have fair values similar to their carrying values.
13.2\tInterest-bearing debt
Outside of leasing liabilities, the Company holds interest-bearing debt such as the following:
(in thousands of USD) | 31 DEC 2025 | 31 DEC 2024 |
Bank overdraft facility | 20,314 | - |
Shareholder loan | 7,409 | 22,056 |
Convertible bonds | 28,629 | - |
Total | 56,351 | 22,056 |
Of which: | ||
Due within 12 months | 20,314 | - |
Due after 12 months | 36,037 | 22,056 |
On 28 May 2025, the Company entered into a USD 20 million bank overdraft facility with Nordea Bank Abp, maturing on 30 April 2026. The facility is guaranteed by B T Larsen & Co Limited, a company controlled by Norse Atlantic\u2019s largest shareholder, Mr. Bj\u00f8rn Tore Larsen. As at 31 December 2025, the facility is fully drawn.
The shareholder loan is with the Company\u2019s largest shareholder B T Larsen & Co Limited. The loan was partial repaid on 11 September 2025, at the time reducing the remaining liability to USD 7.2 million. The shareholder loan carries an interest of 10.5% per annum and the final maturity date is 4 September 2027.
Effective 4 September 2025, the Company issued a 2-year senior unsecured convertible bonds with gross proceeds of USD 30 million (the \u201cConvertible bonds\u201d). The convertible bonds bear interest at 8.5% per annum and are convertible into the Company\u2019s shares at USD 1.2662 per share. The final maturity date of the Convertible bonds is 4 September 2027. On the date of issuance, the debt component of the Convertible bonds was measured at USD 27.4 million, being the present value of future contractual cashflows, and is reported under Interest-bearing debt in the Company\u2019s consolidated statement of financial position. The equity component, representing the value of the conversion option, was measured at USD 1.06 million and is reported under Other paid-in capital. The Bond Issue is registered as a convertible loan with the Norwegian Register of Business Enterprises.
11.1\tAircraft leases
Norse leases 12 aircraft from two different lessors.
On 29 March 2021 the Company entered into an agreement for the lease of nine Boeing Dreamliner aircraft from AerCap Holdings NV, consisting of six Boeing 787-9s and three Boeing 787-8 aircraft (the \u201cAerCap Leases\u201d). The lease terms were approximately 8 years for the 787-8 aircraft and approximately 12 years for the 787-9 aircraft, measured from the inception date. In March 2025 the Company redelivered the three 787-8 aircraft to the head lessor to ensure a uniform fleet of 787-9 aircraft. Under the terms of the AerCap Leases the Company currently has placed a total lease deposit of USD 6 million.
On 2 August 2021 the Company entered into an agreement for the lease of six Boeing Dreamliner aircraft from BOC Aviation Ltd (the \u201cBOCA Leases\u201d). The lease terms are approximately 16 years per aircraft, measured from the aircraft delivery date. Under the terms of the BOCA Leases the Company has paid a total lease deposit of USD 12 million.
The first aircraft was delivered in December 2021, and the delivery of the final aircraft took place one year later in December 2022.
The leases are at historically low pricing and favourable lease terms including power by the hour payments for a minimum period of the first 12 months after respective aircraft deliveries. As of 31 December 2025, all aircraft are on fixed lease payments only.
The Company\u2019s fleet by the end of the Period consists of a uniform fleet of 12 787-9 aircraft.
11.2\tAircraft and other tangible assets
2025
(in thousands of USD) | ROU Aircraft | ROU Aircraft parts | ROU Other | Aircraft parts | Other tangibles | Total |
Acquisitions | ||||||
Opening balance 01 Jan 2025 | 958,181 | 55,447 | 1,258 | 7,891 | 1,310 | 1,024,088 |
Additions | 2,688 | - | 1,034 | 983 | 204 | 4,909 |
Disposals | (85,697) | - | - | - | - | (85,697) |
Acquisition cost 31 Dec 2025 | 875,172 | 55,447 | 2,293 | 8,874 | 1,514 | 943,300 |
Depreciation | ||||||
Opening balance 01 Jan 2025 | (189,048) | (7,402) | (588) | (1,856) | (501) | (199,395) |
Depreciation | (69,613) | (4,641) | (222) | (885) | (241) | (75,602) |
Disposals | 35,104 | - | - | - | - | 35,104 |
Depreciation per 31 Dec 2025 | (223,557) | (12,044) | (810) | (2,740) | (742) | (239,894) |
Closing balance at 31 Dec 2025 | 651,615 | 43,404 | 1,482 | 6,133 | 772 | 703,406 |
Useful life (years) | 6 \u2013 16 | 10 \u2013 12 | 2 \u2013 3 | 10 | 3 \u2013 5 |
2024
(in thousands of USD) | ROU Aircraft | ROU Aircraft parts | ROU Other | Aircraft parts | Other tangibles | Total |
Acquisitions | ||||||
Opening balance 01 Jan 2024 | 947,116 | 55,447 | 424 | 7,262 | 1,018 | 1,011,267 |
Additions | 11,067 | - | 834 | 628 | 292 | 12,822 |
Disposals | - | - | - | - | - | - |
Acquisition cost 31 Dec 2024 | 958,182 | 55,447 | 1,258 | 7,891 | 1,310 | 1,024,089 |
Depreciation | ||||||
Opening balance 01 Jan 2024 | (108,229) | (2,761) | (379) | (826) | (217) | (112,411) |
Depreciation | (80,819) | (4,641) | (209) | (1,029) | (285) | (86,984) |
Disposals | - | - | ||||
Depreciation per 31 Dec 2024 | (189,048) | (7,402) | (588) | (1,856) | (501) | (199,395) |
Closing balance at 31 Dec 2024 | 769,134 | 48,045 | 671 | 6,035 | 809 | 824,694 |
Useful life (years) | 6 \u2013 16 | 10 \u2013 12 | 2 \u2013 3 | 10 | 3 \u2013 5 |
11.1\tAircraft leases
Norse leases 12 aircraft from two different lessors.
On 29 March 2021 the Company entered into an agreement for the lease of nine Boeing Dreamliner aircraft from AerCap Holdings NV, consisting of six Boeing 787-9s and three Boeing 787-8 aircraft (the \u201cAerCap Leases\u201d). The lease terms were approximately 8 years for the 787-8 aircraft and approximately 12 years for the 787-9 aircraft, measured from the inception date. In March 2025 the Company redelivered the three 787-8 aircraft to the head lessor to ensure a uniform fleet of 787-9 aircraft. Under the terms of the AerCap Leases the Company currently has placed a total lease deposit of USD 6 million.
On 2 August 2021 the Company entered into an agreement for the lease of six Boeing Dreamliner aircraft from BOC Aviation Ltd (the \u201cBOCA Leases\u201d). The lease terms are approximately 16 years per aircraft, measured from the aircraft delivery date. Under the terms of the BOCA Leases the Company has paid a total lease deposit of USD 12 million.
The first aircraft was delivered in December 2021, and the delivery of the final aircraft took place one year later in December 2022.
The leases are at historically low pricing and favourable lease terms including power by the hour payments for a minimum period of the first 12 months after respective aircraft deliveries. As of 31 December 2025, all aircraft are on fixed lease payments only.
The Company\u2019s fleet by the end of the Period consists of a uniform fleet of 12 787-9 aircraft.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasePrepaymentsExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__82-1": { "value": "11.2\tAircraft and other tangible assets
2025
(in thousands of USD) | ROU Aircraft | ROU Aircraft parts | ROU Other | Aircraft parts | Other tangibles | Total |
Acquisitions | ||||||
Opening balance 01 Jan 2025 | 958,181 | 55,447 | 1,258 | 7,891 | 1,310 | 1,024,088 |
Additions | 2,688 | - | 1,034 | 983 | 204 | 4,909 |
Disposals | (85,697) | - | - | - | - | (85,697) |
Acquisition cost 31 Dec 2025 | 875,172 | 55,447 | 2,293 | 8,874 | 1,514 | 943,300 |
Depreciation | ||||||
Opening balance 01 Jan 2025 | (189,048) | (7,402) | (588) | (1,856) | (501) | (199,395) |
Depreciation | (69,613) | (4,641) | (222) | (885) | (241) | (75,602) |
Disposals | 35,104 | - | - | - | - | 35,104 |
Depreciation per 31 Dec 2025 | (223,557) | (12,044) | (810) | (2,740) | (742) | (239,894) |
Closing balance at 31 Dec 2025 | 651,615 | 43,404 | 1,482 | 6,133 | 772 | 703,406 |
Useful life (years) | 6 \u2013 16 | 10 \u2013 12 | 2 \u2013 3 | 10 | 3 \u2013 5 |
2024
(in thousands of USD) | ROU Aircraft | ROU Aircraft parts | ROU Other | Aircraft parts | Other tangibles | Total |
Acquisitions | ||||||
Opening balance 01 Jan 2024 | 947,116 | 55,447 | 424 | 7,262 | 1,018 | 1,011,267 |
Additions | 11,067 | - | 834 | 628 | 292 | 12,822 |
Disposals | - | - | - | - | - | - |
Acquisition cost 31 Dec 2024 | 958,182 | 55,447 | 1,258 | 7,891 | 1,310 | 1,024,089 |
Depreciation | ||||||
Opening balance 01 Jan 2024 | (108,229) | (2,761) | (379) | (826) | (217) | (112,411) |
Depreciation | (80,819) | (4,641) | (209) | (1,029) | (285) | (86,984) |
Disposals | - | - | ||||
Depreciation per 31 Dec 2024 | (189,048) | (7,402) | (588) | (1,856) | (501) | (199,395) |
Closing balance at 31 Dec 2024 | 769,134 | 48,045 | 671 | 6,035 | 809 | 824,694 |
Useful life (years) | 6 \u2013 16 | 10 \u2013 12 | 2 \u2013 3 | 10 | 3 \u2013 5 |
Note 12\tIntangible Assets
2025
(in thousands of USD) | Software | Total |
Acquisitions | ||
Opening balance 1 Jan 2025 | 4,793 | 4,793 |
Additions | 170 | 170 |
Acquisition cost 31 Dec 2025 | 4,963 | 4,963 |
Amortisation | ||
Opening balance 1 Jan 2025 | (1,974) | (1,974) |
Depreciation | (969) | (969) |
Amortisation per 31 Dec 2025 | (2,943) | (2,943) |
Closing balance at 31 Dec 2025 | 2,020 | 2,020 |
Useful life (years) | 3 \u2013 5 |
2024
(in thousands of USD) | Software | Total |
Acquisitions | ||
Opening balance 1 Jan 2024 | 4,361 | 4,361 |
Additions | 432 | 432 |
Acquisition cost 31 Dec 2024 | 4,793 | 4,793 |
Amortisation | ||
Opening balance 1 Jan 2024 | (1,037) | (1,037) |
Depreciation | (936) | (936) |
Amortisation per 31 Dec 2024 | (1,974) | (1,974) |
Closing balance at 31 Dec 2024 | 2,819 | 2,819 |
Useful life (years) | 3 \u2013 5 |
11.4\tAircraft lease deposits
The Company has paid security deposits for each aircraft that are refundable after redelivery of the respective aircraft once the individual lease expires or in the event of the lessor failing to deliver the aircraft to the Company. The nominal value of total deposits paid as at 31 December 2025 was USD 18 million. The security deposits become refundable at the expiration of the respective lease. The Company has initially recorded the deposits at their nominal value. Upon delivery of each aircraft, the Company remeasures the relevant deposit to its fair value on the date of delivery and the difference between the fair value and the nominal value of the deposit is added to the right-of-use asset as prepaid lease. Subsequent to such measurement at fair value, the deposits are carried at amortized cost.
11.5\tAircraft preparation investments
The cost of preparing aircraft for delivery, including aircraft surveys and livery expenditure, are capitalized as initial direct costs and then allocated to the ROU asset as the Company takes delivery of each aircraft.
Note 14\tOther non-current assets
(in thousands of USD) | 31 DEC 2025 | 31 DEC 2024 |
Maintenance Reserve Contributions | 51,534 | 32,338 |
Total | 51,534 | 32,338 |
Both AerCap and BOCA lease agreements contain provisions for maintenance reserve payments for the aircraft to cover the cost of future maintenance events. These payments are payable at fixed amounts per month, at rates that are reviewed and updated at 6 months\u2019 intervals for BOCA leases and annually for AerCap leases. Such monthly maintenance reserves are effectively \u2018deposits\u2019 from which Norse will get reimbursed for actual periodic maintenance costs when maintenance activities are carried out.
The maintenance reserve amounts paid monthly to the lessors are financial assets classified into \u2018current\u2019 and \u2018non-current\u2019 based on the timing of expected maintenance activity and subsequent reimbursement.
Note 17\tOther current assets
(in thousands of USD) | 31 DEC 2025 | 31 DEC 2024 |
Deposits | 4,703 | 3,607 |
Prepayments | 16,501 | 11,861 |
Total | 21,203 | 15,468 |
11.6\tAircraft maintenance provisions
The requirements of the leases are such that Norse is obliged to maintain the airworthiness of the aircraft. Airworthiness requirements for the airline industry are the same whether the entity owns or leases the aircraft. The lease requires Norse to redeliver the aircraft to the lessors at the expiry of the lease term in certain redelivery condition as prescribed in the lease agreements. A provision is recognised for overhaul and maintenance costs of the future maintenance obligation at the time when such obligation becomes certain. This is when the respective aircraft component no longer meets the lease re-delivery conditions. Such provision is then recognised as an aircraft maintenance asset (Right of use asset) and depreciated over the period until the next maintenance event, the end of the asset operational life or the end of the lease. These assets are recognised at the commencement of each individual lease. Additionally, where the timing of the maintenance event is determined by usage, Norse makes provisions based on Flight hours or Cycles as applicable, which are expensed directly through the Statement of Comprehensive Income.
Refer to note 21for further information on Provisions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__86-1": { "value": "11.6\tAircraft maintenance provisions
The requirements of the leases are such that Norse is obliged to maintain the airworthiness of the aircraft. Airworthiness requirements for the airline industry are the same whether the entity owns or leases the aircraft. The lease requires Norse to redeliver the aircraft to the lessors at the expiry of the lease term in certain redelivery condition as prescribed in the lease agreements. A provision is recognised for overhaul and maintenance costs of the future maintenance obligation at the time when such obligation becomes certain. This is when the respective aircraft component no longer meets the lease re-delivery conditions. Such provision is then recognised as an aircraft maintenance asset (Right of use asset) and depreciated over the period until the next maintenance event, the end of the asset operational life or the end of the lease. These assets are recognised at the commencement of each individual lease. Additionally, where the timing of the maintenance event is determined by usage, Norse makes provisions based on Flight hours or Cycles as applicable, which are expensed directly through the Statement of Comprehensive Income.
Refer to note 21for further information on Provisions.
Note 21\tProvisions
(in thousands of USD) | 2025 | 2024 |
Opening balance 1 Jan | 73,830 | 57,913 |
New maintenance provisions through profit/loss | 11,293 | 8,442 |
New other provisions through profit/loss | - | 406 |
Interest charge on discounted provisions | 6,163 | 7,938 |
Maintenance provision on redelivered aircraft released | (14,309) | - |
Amounts of provisions used during the period | (454) | (870) |
Closing balance 31 Dec | 76,523 | 73,830 |
Of which: | ||
Due within 12 months | - | - |
Due after 12 months | 76,523 | 73,830 |
New provisions under ROU initial recognition, refer to provisions being recognised as part of the cost under initial recognition of aircraft lease right-of-use assets. Such provisions are for redelivery cost of the aircraft, and for main-tenance checks to be carried out under the lease term and in accordance with the terms of the lease contract.
For information of contingent labilities, please refer to note 22.2describing guarantees placed by third parties in favour of the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__88": { "value": "Note 12\tIntangible Assets
2025
(in thousands of USD) | Software | Total |
Acquisitions | ||
Opening balance 1 Jan 2025 | 4,793 | 4,793 |
Additions | 170 | 170 |
Acquisition cost 31 Dec 2025 | 4,963 | 4,963 |
Amortisation | ||
Opening balance 1 Jan 2025 | (1,974) | (1,974) |
Depreciation | (969) | (969) |
Amortisation per 31 Dec 2025 | (2,943) | (2,943) |
Closing balance at 31 Dec 2025 | 2,020 | 2,020 |
Useful life (years) | 3 \u2013 5 |
2024
(in thousands of USD) | Software | Total |
Acquisitions | ||
Opening balance 1 Jan 2024 | 4,361 | 4,361 |
Additions | 432 | 432 |
Acquisition cost 31 Dec 2024 | 4,793 | 4,793 |
Amortisation | ||
Opening balance 1 Jan 2024 | (1,037) | (1,037) |
Depreciation | (936) | (936) |
Amortisation per 31 Dec 2024 | (1,974) | (1,974) |
Closing balance at 31 Dec 2024 | 2,819 | 2,819 |
Useful life (years) | 3 \u2013 5 |
Note 13\tFinancial assets and liabilities at amortised cost
13.1\tOverview financial assets and liabilities measured at amortized cost
Financial assets and liabilities measured at amortized cost are as follows:
(in thousands of USD) | 31 DEC 2025 | 31 DEC 2024 |
Financial assets | ||
Aircraft lease deposits | 15,013 | 16,502 |
Other non-current assets: Maintenance reserve payments | 51,534 | 32,338 |
Credit card receivables | 72,137 | 100,245 |
Other receivables | 24,695 | 11,668 |
Other current assets: Deposits | 4,703 | 3,607 |
Other current assets: Prepayments | 16,501 | 11,861 |
Cash and cash equivalents | 17,554 | 22,855 |
Total financial assets at amortised cost | 202,137 | 199,076 |
(in thousands of USD) | 31 DEC 2025 | 31 DEC 2024 |
Financial liabilities | ||
Lease liabilities non-current | 711,214 | 826,005 |
Interest-bearing liabilities non-current | 36,037 | 22,056 |
Deferred passenger revenue | 93,855 | 101,289 |
Trade and other payables | 167,884 | 138,864 |
Lease liabilities current | 68,071 | 79,714 |
Interest-bearing liabilities current | 20,314 | - |
Total financial liabilities at amortised cost | 1,097,375 | 1,167,929 |
Total net financial liabilities at amortised cost | 895,238 | 968,852 |
The nominal value of aircraft lease deposits is USD 18 million, whereas the fair value is estimated at approximately USD 15.0 million. The fair value of cash and cash equivalents and trade receivables and payables approximate their carrying amounts due to the short-term maturities of these instruments. Also other liabilities are assumed to have fair values similar to their carrying values.
13.2\tInterest-bearing debt
Outside of leasing liabilities, the Company holds interest-bearing debt such as the following:
(in thousands of USD) | 31 DEC 2025 | 31 DEC 2024 |
Bank overdraft facility | 20,314 | - |
Shareholder loan | 7,409 | 22,056 |
Convertible bonds | 28,629 | - |
Total | 56,351 | 22,056 |
Of which: | ||
Due within 12 months | 20,314 | - |
Due after 12 months | 36,037 | 22,056 |
On 28 May 2025, the Company entered into a USD 20 million bank overdraft facility with Nordea Bank Abp, maturing on 30 April 2026. The facility is guaranteed by B T Larsen & Co Limited, a company controlled by Norse Atlantic\u2019s largest shareholder, Mr. Bj\u00f8rn Tore Larsen. As at 31 December 2025, the facility is fully drawn.
The shareholder loan is with the Company\u2019s largest shareholder B T Larsen & Co Limited. The loan was partial repaid on 11 September 2025, at the time reducing the remaining liability to USD 7.2 million. The shareholder loan carries an interest of 10.5% per annum and the final maturity date is 4 September 2027.
Effective 4 September 2025, the Company issued a 2-year senior unsecured convertible bonds with gross proceeds of USD 30 million (the \u201cConvertible bonds\u201d). The convertible bonds bear interest at 8.5% per annum and are convertible into the Company\u2019s shares at USD 1.2662 per share. The final maturity date of the Convertible bonds is 4 September 2027. On the date of issuance, the debt component of the Convertible bonds was measured at USD 27.4 million, being the present value of future contractual cashflows, and is reported under Interest-bearing debt in the Company\u2019s consolidated statement of financial position. The equity component, representing the value of the conversion option, was measured at USD 1.06 million and is reported under Other paid-in capital. The Bond Issue is registered as a convertible loan with the Norwegian Register of Business Enterprises.
Note 13\tFinancial assets and liabilities at amortised cost
13.1\tOverview financial assets and liabilities measured at amortized cost
Financial assets and liabilities measured at amortized cost are as follows:
(in thousands of USD) | 31 DEC 2025 | 31 DEC 2024 |
Financial assets | ||
Aircraft lease deposits | 15,013 | 16,502 |
Other non-current assets: Maintenance reserve payments | 51,534 | 32,338 |
Credit card receivables | 72,137 | 100,245 |
Other receivables | 24,695 | 11,668 |
Other current assets: Deposits | 4,703 | 3,607 |
Other current assets: Prepayments | 16,501 | 11,861 |
Cash and cash equivalents | 17,554 | 22,855 |
Total financial assets at amortised cost | 202,137 | 199,076 |
(in thousands of USD) | 31 DEC 2025 | 31 DEC 2024 |
Financial liabilities | ||
Lease liabilities non-current | 711,214 | 826,005 |
Interest-bearing liabilities non-current | 36,037 | 22,056 |
Deferred passenger revenue | 93,855 | 101,289 |
Trade and other payables | 167,884 | 138,864 |
Lease liabilities current | 68,071 | 79,714 |
Interest-bearing liabilities current | 20,314 | - |
Total financial liabilities at amortised cost | 1,097,375 | 1,167,929 |
Total net financial liabilities at amortised cost | 895,238 | 968,852 |
The nominal value of aircraft lease deposits is USD 18 million, whereas the fair value is estimated at approximately USD 15.0 million. The fair value of cash and cash equivalents and trade receivables and payables approximate their carrying amounts due to the short-term maturities of these instruments. Also other liabilities are assumed to have fair values similar to their carrying values.
13.2\tInterest-bearing debt
Outside of leasing liabilities, the Company holds interest-bearing debt such as the following:
(in thousands of USD) | 31 DEC 2025 | 31 DEC 2024 |
Bank overdraft facility | 20,314 | - |
Shareholder loan | 7,409 | 22,056 |
Convertible bonds | 28,629 | - |
Total | 56,351 | 22,056 |
Of which: | ||
Due within 12 months | 20,314 | - |
Due after 12 months | 36,037 | 22,056 |
On 28 May 2025, the Company entered into a USD 20 million bank overdraft facility with Nordea Bank Abp, maturing on 30 April 2026. The facility is guaranteed by B T Larsen & Co Limited, a company controlled by Norse Atlantic\u2019s largest shareholder, Mr. Bj\u00f8rn Tore Larsen. As at 31 December 2025, the facility is fully drawn.
The shareholder loan is with the Company\u2019s largest shareholder B T Larsen & Co Limited. The loan was partial repaid on 11 September 2025, at the time reducing the remaining liability to USD 7.2 million. The shareholder loan carries an interest of 10.5% per annum and the final maturity date is 4 September 2027.
Effective 4 September 2025, the Company issued a 2-year senior unsecured convertible bonds with gross proceeds of USD 30 million (the \u201cConvertible bonds\u201d). The convertible bonds bear interest at 8.5% per annum and are convertible into the Company\u2019s shares at USD 1.2662 per share. The final maturity date of the Convertible bonds is 4 September 2027. On the date of issuance, the debt component of the Convertible bonds was measured at USD 27.4 million, being the present value of future contractual cashflows, and is reported under Interest-bearing debt in the Company\u2019s consolidated statement of financial position. The equity component, representing the value of the conversion option, was measured at USD 1.06 million and is reported under Other paid-in capital. The Bond Issue is registered as a convertible loan with the Norwegian Register of Business Enterprises.
13.2\tInterest-bearing debt
Outside of leasing liabilities, the Company holds interest-bearing debt such as the following:
(in thousands of USD) | 31 DEC 2025 | 31 DEC 2024 |
Bank overdraft facility | 20,314 | - |
Shareholder loan | 7,409 | 22,056 |
Convertible bonds | 28,629 | - |
Total | 56,351 | 22,056 |
Of which: | ||
Due within 12 months | 20,314 | - |
Due after 12 months | 36,037 | 22,056 |
On 28 May 2025, the Company entered into a USD 20 million bank overdraft facility with Nordea Bank Abp, maturing on 30 April 2026. The facility is guaranteed by B T Larsen & Co Limited, a company controlled by Norse Atlantic\u2019s largest shareholder, Mr. Bj\u00f8rn Tore Larsen. As at 31 December 2025, the facility is fully drawn.
The shareholder loan is with the Company\u2019s largest shareholder B T Larsen & Co Limited. The loan was partial repaid on 11 September 2025, at the time reducing the remaining liability to USD 7.2 million. The shareholder loan carries an interest of 10.5% per annum and the final maturity date is 4 September 2027.
Effective 4 September 2025, the Company issued a 2-year senior unsecured convertible bonds with gross proceeds of USD 30 million (the \u201cConvertible bonds\u201d). The convertible bonds bear interest at 8.5% per annum and are convertible into the Company\u2019s shares at USD 1.2662 per share. The final maturity date of the Convertible bonds is 4 September 2027. On the date of issuance, the debt component of the Convertible bonds was measured at USD 27.4 million, being the present value of future contractual cashflows, and is reported under Interest-bearing debt in the Company\u2019s consolidated statement of financial position. The equity component, representing the value of the conversion option, was measured at USD 1.06 million and is reported under Other paid-in capital. The Bond Issue is registered as a convertible loan with the Norwegian Register of Business Enterprises.
The Company holds a shareholder loan from its largest shareholder BT Larsen & Co Ltd, carrying a balance of USD 7.4 million as per 31 December 2025. The shareholder loan carries an interest of 10.5% per annum, is unsecured, and the final maturity date is 4 September 2027. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__94": { "value": "Note 14\tOther non-current assets
(in thousands of USD) | 31 DEC 2025 | 31 DEC 2024 |
Maintenance Reserve Contributions | 51,534 | 32,338 |
Total | 51,534 | 32,338 |
Both AerCap and BOCA lease agreements contain provisions for maintenance reserve payments for the aircraft to cover the cost of future maintenance events. These payments are payable at fixed amounts per month, at rates that are reviewed and updated at 6 months\u2019 intervals for BOCA leases and annually for AerCap leases. Such monthly maintenance reserves are effectively \u2018deposits\u2019 from which Norse will get reimbursed for actual periodic maintenance costs when maintenance activities are carried out.
The maintenance reserve amounts paid monthly to the lessors are financial assets classified into \u2018current\u2019 and \u2018non-current\u2019 based on the timing of expected maintenance activity and subsequent reimbursement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__95": { "value": "Note 15\tTrade and other receivables
(in thousands of USD) | 31 DEC 2025 | 31 DEC 2024 |
Trade receivables | 24,017 | 9,699 |
Other reveivables | 678 | 1,970 |
Total | 24,695 | 11,668 |
Trade and other receivables are normally recognized at nominal amount, whereas the principle is to measure at amortized cost the effective interest method. Normally the interest element is immaterial and therefore not speci-fied. Allowances are made for expected credit loss based on the information available by the end of the Period. As at 31 December 2025 the allowance for expected credit loss was nil (and nil as at 31 December 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__96": { "value": "Note 15\tTrade and other receivables
(in thousands of USD) | 31 DEC 2025 | 31 DEC 2024 |
Trade receivables | 24,017 | 9,699 |
Other reveivables | 678 | 1,970 |
Total | 24,695 | 11,668 |
Trade and other receivables are normally recognized at nominal amount, whereas the principle is to measure at amortized cost the effective interest method. Normally the interest element is immaterial and therefore not speci-fied. Allowances are made for expected credit loss based on the information available by the end of the Period. As at 31 December 2025 the allowance for expected credit loss was nil (and nil as at 31 December 2024).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__97": { "value": "Note 16\tInventories
(in thousands of USD) | 31 DEC 2025 | 31 DEC 2024 |
Consumables | 6,324 | 4,601 |
Total | 6,324 | 4,601 |
Note 17\tOther current assets
(in thousands of USD) | 31 DEC 2025 | 31 DEC 2024 |
Deposits | 4,703 | 3,607 |
Prepayments | 16,501 | 11,861 |
Total | 21,203 | 15,468 |
Note 17\tOther current assets
(in thousands of USD) | 31 DEC 2025 | 31 DEC 2024 |
Deposits | 4,703 | 3,607 |
Prepayments | 16,501 | 11,861 |
Total | 21,203 | 15,468 |
Note 18\tCash and cash equivalents
Cash and cash equivalents consist of cash deposits held at call with banks.
(in thousands of USD) | 31 DEC 2025 | 31 DEC 2024 |
USD | 8,989 | 19,339 |
NOK | 2,189 | 1,542 |
GBP | 4,629 | 1,462 |
SEK | 612 | - |
EUR | 993 | 475 |
THB | 142 | 36 |
Total cash and cash equivalents | 17,554 | 22,855 |
Hereof restricted cash: | ||
USD | - | 13,200 |
Restricted cash refers to security deposits held to support guarantees made in favour of some key suppliers such as airports etc. The Group\u2019s main bank furthermore has issued guarantees in favour of key suppliers of the Company in total amounts of USD 12.3 million, NOK 2,5 million and EUR 75 thousand. In addition to the restricted cash specified, there is a cash amount of USD 1.3 million of withholding taxes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__102": { "value": "Note 18\tCash and cash equivalents
Cash and cash equivalents consist of cash deposits held at call with banks.
(in thousands of USD) | 31 DEC 2025 | 31 DEC 2024 |
USD | 8,989 | 19,339 |
NOK | 2,189 | 1,542 |
GBP | 4,629 | 1,462 |
SEK | 612 | - |
EUR | 993 | 475 |
THB | 142 | 36 |
Total cash and cash equivalents | 17,554 | 22,855 |
Hereof restricted cash: | ||
USD | - | 13,200 |
Restricted cash refers to security deposits held to support guarantees made in favour of some key suppliers such as airports etc. The Group\u2019s main bank furthermore has issued guarantees in favour of key suppliers of the Company in total amounts of USD 12.3 million, NOK 2,5 million and EUR 75 thousand. In addition to the restricted cash specified, there is a cash amount of USD 1.3 million of withholding taxes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__103": { "value": "Note 18\tCash and cash equivalents
Cash and cash equivalents consist of cash deposits held at call with banks.
(in thousands of USD) | 31 DEC 2025 | 31 DEC 2024 |
USD | 8,989 | 19,339 |
NOK | 2,189 | 1,542 |
GBP | 4,629 | 1,462 |
SEK | 612 | - |
EUR | 993 | 475 |
THB | 142 | 36 |
Total cash and cash equivalents | 17,554 | 22,855 |
Hereof restricted cash: | ||
USD | - | 13,200 |
Restricted cash refers to security deposits held to support guarantees made in favour of some key suppliers such as airports etc. The Group\u2019s main bank furthermore has issued guarantees in favour of key suppliers of the Company in total amounts of USD 12.3 million, NOK 2,5 million and EUR 75 thousand. In addition to the restricted cash specified, there is a cash amount of USD 1.3 million of withholding taxes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__104": { "value": "Note 18\tCash and cash equivalents
Cash and cash equivalents consist of cash deposits held at call with banks.
(in thousands of USD) | 31 DEC 2025 | 31 DEC 2024 |
USD | 8,989 | 19,339 |
NOK | 2,189 | 1,542 |
GBP | 4,629 | 1,462 |
SEK | 612 | - |
EUR | 993 | 475 |
THB | 142 | 36 |
Total cash and cash equivalents | 17,554 | 22,855 |
Hereof restricted cash: | ||
USD | - | 13,200 |
Restricted cash refers to security deposits held to support guarantees made in favour of some key suppliers such as airports etc. The Group\u2019s main bank furthermore has issued guarantees in favour of key suppliers of the Company in total amounts of USD 12.3 million, NOK 2,5 million and EUR 75 thousand. In addition to the restricted cash specified, there is a cash amount of USD 1.3 million of withholding taxes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__105": { "value": "Note 19\tShare capital
The Company has one class of ordinary shares and accounts for these shares as equity. Incremental costs directly attributable to the issue of new shares are recorded in equity as a reduction from the gross proceeds from the issue of shares.
As of 31 December 2025, the Company\u2019s authorized and issued number of shares are 162,582,658 shares, all with par value NOK 0.50 per share.
19.1\tLargest shareholders
The Company\u2019s largest 20 shareholders as at 31 December 2025, were as follows:
Name | Number of shares | Ownership | Voting rights |
B T Larsen & Co Limited | 47,904,781 | 29.5% | 29.5% |
Songa Capital As | 13,598,610 | 8.4% | 8.4% |
UBS Financial Services Inc. | 11,300,000 | 7.0% | 7.0% |
Citibank, N.A. | 4,276,175 | 2.6% | 2.6% |
UBS Switzerland Ag | 4,172,291 | 2.6% | 2.6% |
Pershing LLC | 4,026,657 | 2.5% | 2.5% |
MH Capital AS | 3,494,684 | 2.1% | 2.1% |
Vicama AS | 3,000,000 | 1.8% | 1.8% |
Alto Holding AS | 2,731,602 | 1.7% | 1.7% |
Alden AS | 2,623,381 | 1.6% | 1.6% |
Tigerstaden AS | 2,500,000 | 1.5% | 1.5% |
Soci\u00e9t\u00e9 G\u00e9n\u00e9rale | 2,304,925 | 1.4% | 1.4% |
Livermore Invest AS | 2,242,378 | 1.4% | 1.4% |
Fender Eiendom AS | 2,006,171 | 1.2% | 1.2% |
Tore G\u00e5rden | 1,374,386 | 0.8% | 0.8% |
Metal Monkey AS | 1,361,336 | 0.8% | 0.8% |
Guttis AS | 1,214,690 | 0.7% | 0.7% |
Akb AS | 1,009,754 | 0.6% | 0.6% |
Jjb AS | 1,009,753 | 0.6% | 0.6% |
Agmably AS | 1,009,752 | 0.6% | 0.6% |
Top 20 shareholders | 113,161,326 | 69.6% | 69.6% |
Other shareholders | 49,421,332 | 30.4% | 30.4% |
Total number of shares | 162,582,658 | 100.0% | 100.0% |
19.2\tShares and options held by Key Management and Board of Directors
Shares directly or indirectly held by members of the Board of Directors and Executive Management as at 31 December 2025, were as follows:
Name | Number of shares | Number of share options | |
Terje Bodin Larsen 1 | Chair of the Board | 75,000 | - |
Bj\u00f8rn Kjos 2 | Member of the Board | 910,000 | - |
Felix F\u00fcrst 3 | Member of the Board | 775,000 | - |
Leif Andre Moland | Member of the Board, employee repr. | 2,500 | 31,250 |
Eivind Roald | President & CEO | - | 2,500,000 |
Bj\u00f8rn Tore Larsen 4 | Chief Executive Officer | 47,904,781 | - |
Anders Hall Jomaas | Chief Financial Officer | 20,000 | 500,000 |
Thom Arne Norheim | Chief Operating Officer | - | 250,000 |
Kristin Berthelsen 5 | Chief of Staff and Culture Officer | 90,150 | 250,000 |
1Shares held through Vineta Ltd, a company controlled by Terje Bodin Larsen
2Shares held through Observatoriet Invest AS and Observatoriet Holding AS, both companies controlled by Bj\u00f8rn Kjos
3Member of the Board representing major shareholder Songa Capital AS holding 13,598,610 shares in the Company
4Shares held through B T Larsen & Co. Ltd, a company controlled by Bj\u00f8rn Tore Larsen. In addition, Ellen Hagen, a close associate of Bj\u00f8rn Tore Larsen, holds 5,000 shares in the Company
5Hereof 90,000 shares held through Alltid Alt AS, a company controlled by Kristin Berthelsen
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__106": { "value": "The Company has one class of ordinary shares and accounts for these shares as equity. Incremental costs directly attributable to the issue of new shares are recorded in equity as a reduction from the gross proceeds from the issue of shares.
As of 31 December 2025, the Company\u2019s authorized and issued number of shares are 162,582,658 shares, all with par value NOK 0.50 per share.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__107": { "value": "19.1\tLargest shareholders
The Company\u2019s largest 20 shareholders as at 31 December 2025, were as follows:
Name | Number of shares | Ownership | Voting rights |
B T Larsen & Co Limited | 47,904,781 | 29.5% | 29.5% |
Songa Capital As | 13,598,610 | 8.4% | 8.4% |
UBS Financial Services Inc. | 11,300,000 | 7.0% | 7.0% |
Citibank, N.A. | 4,276,175 | 2.6% | 2.6% |
UBS Switzerland Ag | 4,172,291 | 2.6% | 2.6% |
Pershing LLC | 4,026,657 | 2.5% | 2.5% |
MH Capital AS | 3,494,684 | 2.1% | 2.1% |
Vicama AS | 3,000,000 | 1.8% | 1.8% |
Alto Holding AS | 2,731,602 | 1.7% | 1.7% |
Alden AS | 2,623,381 | 1.6% | 1.6% |
Tigerstaden AS | 2,500,000 | 1.5% | 1.5% |
Soci\u00e9t\u00e9 G\u00e9n\u00e9rale | 2,304,925 | 1.4% | 1.4% |
Livermore Invest AS | 2,242,378 | 1.4% | 1.4% |
Fender Eiendom AS | 2,006,171 | 1.2% | 1.2% |
Tore G\u00e5rden | 1,374,386 | 0.8% | 0.8% |
Metal Monkey AS | 1,361,336 | 0.8% | 0.8% |
Guttis AS | 1,214,690 | 0.7% | 0.7% |
Akb AS | 1,009,754 | 0.6% | 0.6% |
Jjb AS | 1,009,753 | 0.6% | 0.6% |
Agmably AS | 1,009,752 | 0.6% | 0.6% |
Top 20 shareholders | 113,161,326 | 69.6% | 69.6% |
Other shareholders | 49,421,332 | 30.4% | 30.4% |
Total number of shares | 162,582,658 | 100.0% | 100.0% |
Note 20\tEarnings per share
Basic earnings per share is calculated based on the net profit attributable to ordinary shareholders for the period divided by the weighted average number of shares in issue during the same period. The Company in relation to share based payment transactions to its employees has potentially dilutive equity instruments in issue as of 31 December 2025. Such potentially dilutive equity instruments are currently not calculated into the weighted average number of outstanding shares as the Company has been loss-making. Refer to note 5.2for information on share-based payment transactions with employees.
(in USD thousands or such as stated) | 2025 | 2024 |
Profit/(loss) for the period | (61,941) | (135,454) |
Weighted average number of shares outstanding | 150,434,514 | 129,273,593 |
Basic and diluted EPS (in USD per share) | (0.41) | (1.05) |
Note 21\tProvisions
(in thousands of USD) | 2025 | 2024 |
Opening balance 1 Jan | 73,830 | 57,913 |
New maintenance provisions through profit/loss | 11,293 | 8,442 |
New other provisions through profit/loss | - | 406 |
Interest charge on discounted provisions | 6,163 | 7,938 |
Maintenance provision on redelivered aircraft released | (14,309) | - |
Amounts of provisions used during the period | (454) | (870) |
Closing balance 31 Dec | 76,523 | 73,830 |
Of which: | ||
Due within 12 months | - | - |
Due after 12 months | 76,523 | 73,830 |
New provisions under ROU initial recognition, refer to provisions being recognised as part of the cost under initial recognition of aircraft lease right-of-use assets. Such provisions are for redelivery cost of the aircraft, and for main-tenance checks to be carried out under the lease term and in accordance with the terms of the lease contract.
For information of contingent labilities, please refer to note 22.2describing guarantees placed by third parties in favour of the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__112": { "value": "Note 22\tRelated parties
22.1\tSubsidiaries
This set of consolidated financial statements includes the financial statements of Norse Atlantic ASA and its subsidiaries, as follows:
Name of the subsidiary | Country of incorporation | Equity interest as at 31 Dec 25 |
Norse Atlantic Airways AS | Norway | 100% |
Norse Atlantic US Holding AS | Norway | 100% |
Norse Atlantic USA LLC | USA | 100% |
Norse Atlantic Airways US LLC | USA | 100% |
Norse Atlantic UK Ltd | UK | 100% |
Norse Atlantic Cyprus Ltd | Cyprus | 100% |
Norse Atlantic Greece Single Member Societe Anonyme | Greece | 100% |
Norse Atlantic Airways Latvia SIA | Latvia | 100% |
22.2\tTransactions with related parties
During the period from 1 January 2025 to 31 December 2025 Norse Atlantic had a cost of pilot training services of USD 636,998 with OSM Aviation Academy AS being part of the OSM Aviation group, controlled the Company's largest shareholder BT Larsen & Co Ltd.
Further, the Company holds an agreement with Shiphold Management AS for the provision of the services of the Chief Financial Officer, Anders Hall Jomaas. The services are rendered at a rate of NOK 315,000 per month and at a total cost of USD 363,700 for the period from 1 January 2025 to 31 December 2025. The Company's largest shareholder BT Larsen & Co Ltd is the controlling shareholder of Shiphold Management AS.
The Company holds a shareholder loan from its largest shareholder BT Larsen & Co Ltd, carrying a balance of USD 7.4 million as per 31 December 2025. The shareholder loan carries an interest of 10.5% per annum, is unsecured, and the final maturity date is 4 September 2027.
The Company's largest shareholder BT Larsen & Co Ltd per 31 December 2025 has provided the Company with guarantees in the amount of USD 30.2 million in favour of Norde Bank Abp and USD 13 million in favour of Global Collect Services B.V. The Company\u2019s second largest shareholder Songa Capital AS per 31 December 2025 has provided the Company with guarantees in the amount of USD 3.1 million in favour of Nordea Bank Abp. The guarantee commissions paid by the Company for these guaran-tees during the year was USD 1.1 million.
These related party transactions are carried out on an arm\u2019s length basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__113": { "value": "22.1\tSubsidiaries
This set of consolidated financial statements includes the financial statements of Norse Atlantic ASA and its subsidiaries, as follows:
Name of the subsidiary | Country of incorporation | Equity interest as at 31 Dec 25 |
Norse Atlantic Airways AS | Norway | 100% |
Norse Atlantic US Holding AS | Norway | 100% |
Norse Atlantic USA LLC | USA | 100% |
Norse Atlantic Airways US LLC | USA | 100% |
Norse Atlantic UK Ltd | UK | 100% |
Norse Atlantic Cyprus Ltd | Cyprus | 100% |
Norse Atlantic Greece Single Member Societe Anonyme | Greece | 100% |
Norse Atlantic Airways Latvia SIA | Latvia | 100% |
22.2\tTransactions with related parties
During the period from 1 January 2025 to 31 December 2025 Norse Atlantic had a cost of pilot training services of USD 636,998 with OSM Aviation Academy AS being part of the OSM Aviation group, controlled the Company's largest shareholder BT Larsen & Co Ltd.
Further, the Company holds an agreement with Shiphold Management AS for the provision of the services of the Chief Financial Officer, Anders Hall Jomaas. The services are rendered at a rate of NOK 315,000 per month and at a total cost of USD 363,700 for the period from 1 January 2025 to 31 December 2025. The Company's largest shareholder BT Larsen & Co Ltd is the controlling shareholder of Shiphold Management AS.
The Company holds a shareholder loan from its largest shareholder BT Larsen & Co Ltd, carrying a balance of USD 7.4 million as per 31 December 2025. The shareholder loan carries an interest of 10.5% per annum, is unsecured, and the final maturity date is 4 September 2027.
The Company's largest shareholder BT Larsen & Co Ltd per 31 December 2025 has provided the Company with guarantees in the amount of USD 30.2 million in favour of Norde Bank Abp and USD 13 million in favour of Global Collect Services B.V. The Company\u2019s second largest shareholder Songa Capital AS per 31 December 2025 has provided the Company with guarantees in the amount of USD 3.1 million in favour of Nordea Bank Abp. The guarantee commissions paid by the Company for these guaran-tees during the year was USD 1.1 million.
These related party transactions are carried out on an arm\u2019s length basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__116": { "value": "These related party transactions are carried out on an arm\u2019s length basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__117": { "value": "Note 23\tEvents after the reporting period
On 14 April 2026, Norse Atlantic ASA announced a proposed fully under-written and subscribed rights issue raising gross proceeds of USD 110 million at a subscription price of NOK 0.5 per share to strengthen the Company\u2019s financial flexibility and robustness. The transaction will support continued operations amid the rapidly changing geopolitical situ-ation with a sudden unprecedented increase in the jet fuel price impacting the global airline industry.
The underwriting was substantially oversubscribed and the Company experienced strong interest from existing shareholders and new investors to participate in the Rights Issue. Norse Atlantic further announced a USD 70 million bridge loan facility to fund the Company's liquidity needs pending completion of the rights issue and the effects of the accelerated implementation of cost-saving initiatives. The Company is also engaging a financial advisor to launch a strategic review, expected to be concluded within 2026, as well as a proposed offer for voluntary conversion of the outstanding convertible bond loan to equity.
Against the backdrop of the strong development in operating and commercial performance, and the successful completion of the tran-sition to a balanced dual ACMI and own network operating model, the Company expects the completion of these initiatives to create a financial and liquidity position sufficient until such time as the market normalizes and the Company reaches profitability or alternatively until the strategic review can be successfully concluded.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2549008P77XR4V5Z8N86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }