Press release | third quarter results 2022

29 Nov 2022 19:00 CET

Hurtigruten Group has a positive normalised adjusted EBITDA of EUR 35.8m in the
third quarter and revenue growth of 217% vs. Q3 2021

Our ships were fully back in operations in third quarter, and people were
clearly keen to travel despite all the flight disruptions that occurred this
Summer. Hurtigruten Norway and Hurtigruten Expeditions increased their occupancy
vs. second quarter 22, with Hurtigruten Norway reaching 80% and Hurtigruten
Expeditions reaching 61% occupancy.

Hurtigruten Group is continuing to see a very strong development in average
gross yield per cruise night, with an increase of 27% compared to the third
quarter in 2019 at EUR 512 per passenger cruise night. The yield growth is in
line with the strategy of the Company to drive long term yield growth, says
Daniel Skjeldam, CEO of Hurtigruten Group.

Total revenues and other income in the third quarter of 2022 was EUR 195 million
for Hurtigruten Group, an increase of 217% compared to the third quarter of
2021. Cruise operating expenses were higher than expected in the third quarter
driven by high fuel costs, a strong USD vs. the EUR and cost associated with
flight disruptions and logistical challenges that influenced Q3 EBITDA
negatively, but we see that this temporary increase in cruise operating costs is
now reversing, adds Skjeldam.

Positive outlook for 2023

We have seen an increase in booking momentum for 2023, the last 14 days average
daily new sales being at EUR 2 million which is up 44% vs. the 14-day period
prior and 28% higher than the same period in 2019 three years ago.

We will continue our strong growth into Q1 2023 with bookings as of 26 November
for Q1 2023 being at EUR 115 million, which is 10% higher compared to the same
period three years ago (Q1 2020 -pre-Covid-19) and 77 % higher compared to the
booked revenue achieved in the first quarter of 2022, adds Skjeldam.

Continued strong support from our shareholders to fund environment conversion
projects and investments in future growth

We continue to have strong backing from our shareholders which was evident by
another EUR 40 million in shareholder loans provided in Q4 to fund the
environmental investments in our fleet, says Torleif Ernstsen, Hurtigruten Group
CFO.

For further information, please contact:

Investor Relations team: InvestorRelations@hurtigruten.com

More information:
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576966_Explorer_II_Q3_2022.pdf
576966_Hurtigruten_Group_Q3_2022.pdf