Press release | second quarter results 2023

Hurtigruten Group continues to see improvement in financial performance in Q2 2023, focus is on HRX occupancy to support earnings recovery

Total revenue in Q2 23 was EUR 155 million for Hurtigruten Group, which was an increase of 4% compared to Q2 22 driven by the full fleet being operational in the second quarter of 2023, while by the end of the second quarter of 2022 Hurtigruten Group continued to ramp up the fleet in Hurtigruten Expeditions.

The Group had a positive EBITDA in Q2 23 of EUR 0.9 million compared to EUR 0.6 million in Q2 22 driven by improved financial performance for Hurtigruten Norway, lower ship operating expenses and lower SG&A expenses, partially offset by an increase in direct costs attributable to inflation.

Operational cash flow for Hurtigruten Group in the quarter was positive EUR 9.3 million driven by positive EBITDA and working capital

In April 23 Hurtigruten Group completed a refinancing and capitalization transaction which includes i) refinancing of the EUR 176.5 million June 23 maturities ii) extension of the TLB and RCF loans which mature in 2025 and 2024 with 2 years and iii) additional shareholder funding of EUR 40 million received in Q2 in addition to the EUR 55 million of shareholder funding provided in Q1 2023.

As of end of Q2 2023 Hurtigruten Group had EUR 37 million of available free liquidity.

We continue to see a positive booking momentum and as of 25th of Aug 2023, Hurtigruten Group had EUR 551 million in pre-booked revenue for 2023 (excluding the EUR 67 million related to the contract revenue received from the Norwegian Government) which is 31% higher compared to same time last year for 2022 and EUR 175 million in pre-booked revenue for 2024. Pre booking levels for short-term departures are lower than expected, while we see good booking momentum for 24 departures entering into the key sales window in Q3/Q4.

For further information, please contact: Investor Relations team: [email protected]