Press release | first quarter results 2023

Hurtigruten Group continues to see improvement in revenue and normalized EBITDA compared to Q1 2022

The Company had total revenues and other income in the first quarter of 2023 of EUR 162 million, an increase of 67% compared to the first quarter of 2022 driven by the return to operations of the entire Hurtigruten Group fleet and a strong growth in the gross yield of 27% vs first quarter 2022.

The Group had a positive normalized adjusted EBITDA of EUR 17.4 million in the quarter which is an increase from normalized adjusted EBITDA of negative EUR 9.5 million in Q1 2022.

Occupancy for Hurtigruten Expeditions in the first quarter increased to 69% compared to 58% in first quarter of 2022. Occupancy for Hurtigruten Norway increased to 65% in the first quarter of 2023 compared to 46% same period last year.

Q1 2023 average gross yield for Hurtigruten Norway of EUR 324 (excluding contract revenue) and Hurtigruten Expeditions of EUR 675 were 17% higher and 22% higher respectively compared to first quarter 2022 respectively.

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 80 million in addition to the EUR 15 million of shareholder funding provided in January 2023.

Including the net proceeds from the transactions Hurtigruten Group has a proforma available liquidity of approx. EUR 56 million as of end of first quarter 2023.

We continue to see a positive booking momentum and as of 26th of May 2023, the Company had EUR 535 million in pre-booked revenue for 2023 (excluding the EUR 67 million related to the contract revenue received from the Norwegian Government) which is 23% higher compared to same time last year for 2022. As of 26th of May 2023, Hurtigruten Group had made a total of EUR 46m million in new sales the last 30 days which is up 50% vs. the same period last year.

For further information, please contact:

Investor Relations team: [email protected]