Second Quarter and First Half Report 2024

Hurtigruten Group continues to see year-on-year improvement in revenue in Q2 2024, with a total revenue of EUR 159.5 million, up EUR 4.7 million (+3%) compared to same period last.

EBITDA in Q2 2024 was negative EUR 5.9 million compared to positive EUR 0.9 million in Q2 2023. Normalised adjusted EBITDA Q2 2024 was negative EUR 3.6 million. The slight decline reflects the additional advisory costs for different workstreams, including capital strategy, and the ongoing costs related to the splitting of the two businesses.

As of 27 August 2024, Hurtigruten Group had EUR 571 million in pre-booked ticket revenue for 2024 departures compared to EUR 562 million for 2023 departures as of 27 August 2023, which is a 1.6% increase.

For 2025, the Group is seeing increased momentum in recent booking trends. As of 27 August 2024, Hurtigruten Group had booked EUR 216 million for 2025 departures compared to EUR 176 million for 2024 departures as of the 27 August 2023, which is a 22.7% increase.

Following the recapitalisation transaction completed in February 2024, management underwent a strategic review of the two business units (the Group’s expedition business (“HX”) and Norwegian cruise business (“Hurtigruten”)) to capitalise on the positive underlying trends in key markets such as Antarctica and the Norwegian coast, and to address one-off operational challenges encountered in Q1’24, including a rogue wave which impacted MS Maud and the wider issues caused by Ecuador’s geopolitical situation.

The Group continues to execute on the second phase of the reorganisation plan, which aims at the full operational and legal separation of the Hurtigruten and HX businesses. Full operational separation is still expected to occur in November 2024.

The growth seen in 2025 bookings reflects the ongoing strategic initiatives put in place earlier this year and underlines the wider confidence in both businesses, their management teams, new products and fleet distributions.

Hurtigruten (HRN) Highlights:

• Revenue growth in the quarter of 15% compared to same period last year.
• Strong momentum for 2025: Bookings for 2025 departures progressing well with +43 % YTD vs STLY.
• MS Otto Sverdrup was introduced to the Signature product from January 2024.Together with MS Trollfjord launched in June 2023, these two new Signature ships represents an important growth channel for Hurtigruten, resulting in a strong growth in capacity compared to Q2 2023.
• MS Maud is to sail for Hurtigruten from November 2024 and change name back to MS Midnatsol. The ship will replace MS Vesterålen and by this increase passenger capacity and equipping Hurtigruten with a more standardized fleet.

HX Highlights:

• Underlying revenue growth in Q2 2024 compared to last year for the vessels MS Nansen, MS Santa Cruz II and MS Spitsbergen.
• Passengers from APAC and France have highest growth.
• Antarctica remains the highest revenue destination in 2024. Galapagos, NW Passage, Greenland and Alaska showing good growth.
• HX announced an all-inclusive product offering applying to all destinations from the start of Q4 2024.

Alternative performance measures (APM) are defined and described as part of the quarterly and half year report.