Q2 presentation Table of contents

Highlights

Introduction to

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

Signed collective bargaining agreements with pilot and cabin unions

Received AOC from CAA

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

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 to: Domestic Tromsø, Bodø, /, ,

International Nice, Alicante, Málaga

• First aircraft, 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 Ramdahl – Chief Commercial Officer Tonje Wikstrøm Frislid became Flyr’s CEO in April 2021. She came from Thomas Ramdahl started as Flyr’s CCO when Flyr was established. He her job as unit director in Coor. Wikstrøm Frislid has previously worked came from his job as sales director at Høegh Autoliners. Ramdahl for Unibuss and the airline Norwegian. Tonje has a study background in previously had more than 20 years of experience from the aviation economics, political science and international communication. industry in Norway, and most recently as commercial director of the airline Norwegian from 2014 until he joined Høegh.

Brede Huser – Chief Financial Officer Frode Berg – Chief Legal & Strategy Officer Brede Huser started as Flyr’s CFO when Flyr was established. Brede Frode Berg has been part of Flyr since 2020. He has previously worked has more than 19 years of experience from the airline Norwegian, as legal director in the airline Norwegian and has also been a partner in where in the period 2006 - 2015 he held leading positions in the finance the law firm Simonsen Vogt Wiig. Frode studied law at the University of department before he in 2015 became director of . Tromsø and has a Master of Laws (LLM) from the University of Before joining Norwegian, Brede worked in finance at Orkla, Arthur Cambridge. Andersen and Ernst & Young.

Asgeir Nyseth – Chief Operating Officer Bjørn Erik Barman-Jenssen – Chief Ground Operations Officer Asgeir Nyseth has worked as COO in Flyr since 2020. Before joining Flyr, he was director of Babcock Scandinavian Air Ambulance Norway Bjørn Erik Barman-Jenssen has been with Flyr since its establishment. and . He also has extensive experience from the airline He came from the job as EVP Operational Development in the airline Norwegian, including as COO. Asgeir also has a background from Norwegian. Bjørn Erik has solid aviation professional experience, with where he was CEO before joining Norwegian. over 33 years in the industry. In addition to Norwegian, he has worked in both and SAS. Bjørn Erik established Norwegian Cargo AS and has, in addition to other positions, held the role of CEO of Alf Sagen – Chief Technology Officer Norwegian Air Resources AS. Alf Sagen became a part of Flyr in 2021. He has worked as a consultant with and for various players in the aviation industry for many years and CEO in the company Nagarro AS. Sagen participated in the expansion of the airline Norwegian in 2002 and has since held many roles in the company, including responsibility for "ticketless" ticketing.

25 Board of Directors

Erik G. Braathen – Chairman of the board Tord Meling – Board member Erik G. Braathen is the founder and chairman of Flyr. He has Tord Meling is a board member of Flyr and currently holds the extensive experience from the airline business, including being position as investment director of Ojada AS. He brings over ten the CEO and part owner of Braathens as well as the chairman of years of experience from Norwegian , including close the board of until 2009. to six years as the head of aircraft financing. Mr. Meling has Master of Science in Business and Economics from the Mr. Braathen is educated from the University of Washington Norwegian School of Economics. Mr. Meling has been a member and American Graduate School of International Management. of the board since 2020 and holds 750,000 shares in the Mr. Braathen has been a member of the board since 2021 and company. holds 23,051,250 shares in the company.

Maurice Mason - Board member Maurice Mason has well over 30 years of experience in commercial aviation with a particular focus on developing low cost around the world. Mr. Mason is based in Ireland and is the managing director of Wellbeing Financial Services Unlimited (d/b/a Kite Investments), which was established by him in 2002. Among other investments, Kite co-invested with Irelandia, the Ryan family investment fund, until May 2012, in the development of low cost airlines in (Tiger Airways), the US (Allegiant Travel Company) and Latin America (VivaAerobus in Mexico and Viva Colombia). Maurice graduated from Trinity College Dublin in 1985 with degrees in Mechanical Engineering and Maths. Mr. Mason has been a member of the board since 2021 and holds 750,000 shares in the company.

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