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Q2 Presentation Table of Contents Q2 presentation Table of contents Highlights Introduction to Flyr Operations Financials Outlook and summary Highlights first half year 2021 Raised NOK 600 million and listed at Euronext Growth Built organization and technological infrastructure Completed project phase on time and on budget World’s first pure NDC/One Order based airline Signed collective bargaining agreements with pilot and cabin unions Received AOC from CAA Norway First flight to Tromsø on June 30th 3 Table of contents Highlights Introduction to Flyr Operations Financials Outlook and summary A Norwegian based LCC Modern, digital and efficient Targeting a concentrated, setup designed by industry demand driven route offering in experts high-margin markets Note: LCC = low cost carrier 5 MISSION MAIN PILLARS VALUES Responsible • Flyr will be relevant to guests by delivering outstanding customer Flyr offers easier and service and experiences at affordable prices more responsible air • Flyr will be efficient through operational excellence travel while taking United • Flyr will be an attractive employer by being transparent, inclusive, customer experiences to respectful and empowering new heights • Flyr will be digital through state-of-the-art integrated IT-systems Curious 6 Long term ambitions Gradual development of domestic Norway and leisure Europe Long term strategic targets 1 2 3 • 50 routes to 35 destinations with 28-30 aircraft • Best-in-class digital platform for sales, distribution and decision making • Leading organizational efficiency 7 Lean structure with high degree of digital and automated processes Efficient organizational structure with digital processes Targeting best in class efficiency # of pilots # of cabin crew # of ground staff x66 8 x58 • Existing organization is scalable to handle growth • Operational planning based on data driven decision 16 13 x46 making x44 x38 • Increasing crew utilization 12 x36 14 • Decreasing FTEs in planning functions 28 12 10 • Targeting competitive efficiency level against European ULCC with 36 employees per aircraft 42 28 • Social responsibility through domestic collective 27 19 20 bargaining agreements 17 8 5 3 5 SAS Norwegian easyJet Wizz Ryanair 8 Table of contents Highlights Introduction to Flyr Operations Financials Outlook and summary Organization in place – fully scalable for expansion • Management team with extensive aviation experience • All administrative and organizational functions in place • Signed collective bargaining agreements with domestic pilot and cabin unions • Fully integrated multiplatform web-based booking-system • NDC/One Order • State-of-the-art operational technological infrastructure • All systems off the shelf cloud-based SaaS solutions • Ticket pre-sale from May 31st Routes from Oslo to: Domestic Tromsø, Bodø, Harstad/Narvik, Bergen, Trondheim International Nice, Alicante, Málaga • First aircraft, Boeing 737-800, delivered on June 4th • Received AOC by CAA Norway mid June • First flight from Oslo to Tromsø June 30th • 4 flights on first and only operating day in Q2 10 The Flyr Family • By end of 2021, Flyr will have 250 - 300 employees in total, all based in Norway. • Headquarters in central Oslo fully established with administrative and operational functions. • Flyr Customer Care established, with local presence in Oslo and focusing on Norwegian-speaking employees eager to go the extra mile for our guests. • For requests made to Customer Care, satisfaction was measured to 94%+ in July across all channels, with an average waiting time below one minute. • In June, Flyr and the company's cabin union and pilot union signed collective agreements valid until March 2024. • All employees will be part of the company's profit- sharing program. • Continuing to build an open, friendly, lean and small organization – with a strong focus on empowering and trusting members of the Flyr Family to make good, customer-friendly decisions. 11 Building a state-of-the art IT platform to enhance customer experience and cost efficiency State-of-the-art IT platform increasing customer experience NDC One Order IT architecture enables: Single booking, ticketing, delivery and accounting method • Simple booking with frictionless point-to-point journey Automated processes with structured data, utilizing current and with no unforeseen charges or costs for the customer future digital technologies • Data-driven compliant, relevant and personalized A unified and data-driven omnichannel CX platform covering all communication across multiple customer journeys and touchpoints channels Customers will have an easy-to-understand One Order with a single ID • Decreased marketing spend and higher ticket sales throughout their journey, fully tracked and personalized conversion due to personalized, efficient communication and dynamic pricing Customers will enjoy merchandised offers, personalized and dynamic pricing, new distribution channels and retail-like optimization Cost reducing, revenue driving, simplified architecture enabling innovation, machine learning capabilities and lean implementation Real-time interactions, centred on customer journey and customer experience as well as optimised business processes Less complexity Yield Customer satisfaction Agility and innovation Cost reduction 12 Table of contents Highlights Introduction to Flyr Operations Financials Outlook and summary Result in the period consists primarily of project/start-up costs with only four flights in second quarter Income statement • Revenue reflects one day of operations with four flights • Four flights between Oslo and Tromsø on June 30th (1,000 NOK) Q2 2021 1H 2021 • Personnel costs primarily administrative, with cabin Revenue 250 250 and pilot crew expenses building up in late Q2 Personnel expenses 20,921 30,908 Other operating expenses excl. depr 34,114 46,013 • Majority of other operating expenses related to project/start-up EBITDAR/EBITDA -54,784 -76,671 • IT development costs related to SaaS solutions. Total of Deprecation and amortisations 3,771 4,495 NOK 15 million expensed in 1H EBIT -58,556 -81,167 • Include expenses for attaining operating license and sourcing aircraft Net financial items -6,157 -6,223 EBT -64,713 -87,390 • Net financial items include FX effects of lease liabilities denominated in USD of NOK 6 million 14 Cash burn according to plan Cash flow statement • Cash flow from operations negative at NOK 46 million • EBITDA of NOK -54 million plus positive effect of changes in Q2 2021 1H 2021 working capital of MNOK 9 (1,000 NOK) Cash flow from operations -45,566 -57,405 • Cash flow from investment activities negative NOK 15 million Cash flow from investing activities -15,438 -26,551 • Mainly investment in IT infrastructure, qualified for capitalization under IAS 38 Cash flow from financing activities 246 584,962 • Cash flow from financing activities at NOK 585 million in first half year Net change in cash -60,758 501,007 • NOK 600 million capital raise issue on March 1st 15 Total cash burn for building an airline from scratch NOK 94 million Total cash movement since startup Total cash flow NOK mill • Total funding of NOK 609 million since start-up in October OPEX 2020 Investments • Cash used in project NOK 94 million • Operations NOK 62 million Funding • Capitalized IT Investments NOK 23 million Cash at June 30 • Lease deposits NOK 9 million 16 Solid financial position with NOK 515 million in cash at end of Q2 Balance sheet as per 30.6.2021 • Equity ratio of 68.4% at 30.06 NOK mill • Long term liabilities of NOK 161 million 800 • All related to leasing liabilities 700 Current liabilities 600 • Current liabilities of NOK 76 million Long term liabilities • Short term leasing commitments of 500 Cash and cash equivalents NOK 34 million 400 • Trade and other liabilities totalling NOK 35 million 300 Current assets ex. cash Equity • Available cash NOK 514.9 million at the end of 200 Q2 2021 100 Non-current assets • Strong financial position to fund expanding flight operations 0 Assets Equity and liabilities 17 Table of contents Highlights Introduction to Flyr Operations Financials Outlook and summary Successful operations in first month, with great reviews from customers Load factor through July 70% 60% Increasing load 50% factor in July, with increasing brand awareness in market 40% 30% • 337 flights in July with 4 destinations from Oslo 20% Successful flight operations • Regularity of 100% • Punctuality of 96% 10% 0% 01.07.2021 30.07.2021 • Exceptional reviews from customers Well received by customers • Simple booking process • Outstanding customer service 19 The route ahead: Demand-driven growth Routes currently on sale Stepwise domestic and international expansion • Targeting domestic high demand routes and selected European leisure destinations • Expansion dependent on Covid-19 development and impact • Experiencing a trend of bookings close to departure date, expect this trend to continue • Plan for 6-8 aircraft at YE 2021, 12- 18 YE 2022 20 Summary Well funded to exploit unique business opportunity Experienced management team and competent organization in place State-of-the-art IT platform ensures great customer experience and operational efficiency Start-up in recovering Norwegian domestic market - first flight June 2021 Flexible business plan, allowing for stepwise expansion 21 “Bringing people together through easy, friendly, reliable, affordable and sustainable air travel” Next event: Q3 2021 release Financial and traffic figures November 11th, 2021 Appendix Management team Tonje Wikstrøm Frislid – Chief Executive Officer Thomas
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