Press release | First quarter results 2024

31 May 2024 17:09 CEST

The Group continues to see improvement in financial performance in Q1 2024, were
total revenue in first quarter 2024 was EUR 187.3 million for the Group, a EUR
25.5 million increase compared to first quarter of 2023 (16%). The increase it
driven by both improved occupancy rates and gross ticket revenue per PCN.

The Group had positive EBITDA of EUR 9.9 million in the first quarter of 2024
compared to EUR 3.3 million in the same period last year. Normalized adjusted
EBITDA was EUR 16.1 million for the quarter adjusted for advisory costs for
different workstreams including capital strategy and split of the two
businesses.

Net cash outflow from operating activities in first quarter of 2024 was EUR 4.7
million compared to EUR 3.6 million in first quarter 2023. Net cash outflow from
investing activities was EUR 15.2 million in first quarter 2024 compared to an
outflow of EUR 20.4 million in first quarter 2023 mainly related to capital
expenditures from environmental ship upgrades on Hurtigruten vessels and
scheduled dockings.

On 23 February 2024, the Company successfully completed a comprehensive
recapitalisation transaction with its senior lenders, its shareholders, and
senior unsecured note holders. The transaction provided the Company with
material new liquidity, lower cash-paying debt, and a more sustainable and
simplified capital structure.

As of 30 May 2024, Hurtigruten Group had EUR 536 million in pre-booked ticket
revenue for 2024 compared to EUR 518 million for 2023 as of 30 May 2024 which is
a 3.5% increase. For 2025, we see increased momentum in recent booking trends.
As of 30 May 2024 Hurtigruten Group had booked EUR 130 million for 2025 compared
to EUR 96 million for 2024 as at 30 May 2023, which is a 35% increase.

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

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620420_Newco Q1_24_report_final.pdf