Press release | fourth quarter results 2022

28 Feb 2023 21:00 CET

Hurtigruten Group continues to see improvement in revenue and normalized EBITDA
compared to Q4 2021 with a significant increase in booking momentum going into
2023.

The Company had total revenues and other income in the fourth quarter of 2022 of
EUR 135 million, an increase of 80% compared to the fourth quarter of 2021 with
an average occupancy of 57% compared to 41% in fourth quarter 2021 this
highlights significant organic growth potential for the Hurtigruten Group.
Occupancy in Hurtigruten Expeditions was still influenced by the covid testing
regimes at embarkation and travel disruptions in South America experienced in
the quarter. The last elements of the covid-19 testing regimes in Hurtigruten
Expeditions were removed in Q1 2023.

Q4 2022 average gross yield for Hurtigruten Norway of EUR 312 (excluding
contract revenue) and Hurtigruten Expeditions of EUR 607 were 21% higher and 19%
higher compared to fourth quarter 2021 respectively. The strong yield growth is
in line with the strategy of the Company to drive long term yield growth, says
Daniel Skjeldam, CEO of Hurtigruten Group.

The Group had a positive normalised adjusted EBITDA of EUR 0.5 million in the
quarter which is an increase from normalized adjusted EBITDA of negative EUR
39.6 million in Q4 2021.

Cruise operating expenses were higher than expected in the fourth quarter driven
by passenger costs related to flight disruption, continued high fuel costs and a
strong USD vs. the EUR. We see this temporary increase in cost level coming down
in Q1 and the reversal of the strong dollar vs. EUR rate, continues Skjeldam.

On the 21st of February Hurtigruten Group announced a refinancing of the
short-term maturities and debt maturity extensions which provide significant
additional capital, liquidity flexibility and capital structure runway to the
Group when the transaction is completed. The proposed refinancing includes EUR
80 million of additional funding from our shareholders where EUR 25 million was
made available with immediate effect and reinforces the confidence our owners
and financial stakeholders have in us as a company and our strategic growth
agenda, says Skjeldam.

Including the net proceeds from the transaction Hurtigruten Group has a proforma
available liquidity of approx. EUR 100 million as of fourth quarter 2022.

We continue to see a positive booking momentum and as of 27th of February 2023,
the Company has made a total of EUR 140 million in new sales YTD which is up
100% vs. the same period last year and the best booking period in the Company’s
history.

As of 27th of February 2023, 1H bookings for Hurtigruten Group are at EUR 254
million which is 30% higher compared to the EUR 196 million same time last year
for 1H 2022.

For further information, please contact:
Investor Relations team: InvestorRelations@hurtigruten.com

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583919_Hurtigruten Group Q4 2022.pdf