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CHANGE THE
WAY YOU SEE
THE WORLD
HX Annual Report and Accounts 2024
HX ANNUAL REPORT AND ACCOUNTS 2024
READ MORE
ON PAGE 8
We are HX
OUR PURPOSE
Change the
Way You See
the World
OUR AMBITION
We want to be the #1
Sustainable Expedition
Brand in the World
OUR VALUES
Passionate Explorers
‘Can Do mindset’
Humble Leadership
Genuine Interactions
Supportive and Collaborative Teams
WHAT’S INSIDE
Strategic report
At a glance 2
CEO introduction 4
Business overview 5
Purpose, vision and values 8
Governance
Directors report 10
Board of directors 14
Financial Statements
Consolidated financial statements 16
Parent financial statements 38
Independent Auditor’s Report 45
READ MORE
IN OUR ESG REPORT
1STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
WELCOME
HX ANNUAL REPORT AND ACCOUNTS 2024
HX in 2024
This report includes only three months of financial
information from 1 October 2024, when HX
transitioned from being part of the Hurtigruten
Group to becoming a standalone group separately
managed and operated.
READ MORE
ON OUR WEBSITE
2024 FACTS
Years of history
129
Destinations in 30 countries
250
Total Revenues
€60.6m
EBITDA
€-15m
Employees
998
Cruise nights in 2024
560,830
Free cabin nights given
1,911
Grants awarded by HX Foundation in
19 different countries
58
for scientists and
academics to
conduct research
and speak with guests
As a result, the financial data
presented reflects our performance
during this initial period of three
months of independent operations,
marking an important step in our
journey toward greater growth and
autonomy.
2024 KEY MILESTONES
JULY
New Chairman
Announced Alex Dichter as
Chairman of the Board,
strengthening HX’s leadership
team as part of its strategy for
global expansion and growth.
Strengthened Global
Leadership Team
Appointed Alex Delamere-White
as Chief Commercial Officer,
reinforcing HX’s commitment to
long-term growth and operational
efficiency. The announcement
highlights more focus on B2B
agents and that HX will become
‘All-Inclusive’ in Q4.
MARCH JUNE
Strategic Partnership
with Air Greenland
‐ Partnered with Air Greenland
to offer direct flights and new
‘Grand Greenland’ itineraries
from 2025, providing a deeper
exploration of Greenland’s
untouched beauty.
‐ Strengthened commitment to
sustainability with a partnership
with Ocean Bottle to combat
marine plastic pollution.
GREENLAND
Strengthened Executive and
Senior Leadership Teams:
Focused on Growth
Industry and hospitality veteran
Gebhard Rainer joins HX as
new CEO. Rainer embarked on
his journey with HX in July
2024, taking on the challenge
of sustaining the company’s
reputation as a leading expert
in eco-conscious expeditions
and responsible travel.
Before joining HX, Rainer held
several high-profile positions that
honed his expertise in operational
quality, guest excellence and
strategic growth. His tenure as
Group CEO of Sandals Resorts
International was marked by
significant advancements in luxury
offerings and service standards.
Prior to this role, he served more
than 20 years at Hyatt Hotels
Corporation in various capacities,
including Director of Finance;
Director of Finance Europe, Africa,
Middle East; Vice President of
Hotel Finance and Technology;
Managing Director Europe, Africa,
Middle East; Executive Vice
President; and Chief Financial
Officer successively.
2STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
AT A GLANCE
HX ANNUAL REPORT AND ACCOUNTS 2024
2024 KEY MILESTONES CONTINUED
OCTOBER
NOVEMBER DECEMBER
JULY CONTINUED
Chloe Couchman was named
Executive Vice President of
Communications and Belinda
Hendrik, became Senior Vice
President for People & Culture,
both roles joined the
HX Exec team.
HX announced first-ever
Chief Expedition Officer
‐ Appointed Alex McNeil
as the inaugural Chief
Expedition Officer to
enhance HX’s sustainable
and immersive adventure
travel experience.
‐ Expanded global itineraries,
including new sailings to
Greenland and the
Norwegian Arctic
GREENLAND
National Audubon
Society Partnership
Announced exclusive partnership
with National Audubon Society,
launching 10 Audubon Voyages in
the Galápagos Islands, Antarctica,
and Alaska, aligning both
organisations’ conservation goals.
SEPTEMBER
HX Foundation
‐ Officially launched the
HX Foundation, dedicated to
supporting local communities
and environmental initiatives in
over 250 destinations across
the globe.
‐ Awarded 2024 Seatrade Award
for “Expedition Cruise Initiative
of the Year” for the Rapid
Response Fund, providing
immediate donations to urgent
local community needs.
Monty Halls Partnership –
‘The Big Blue Bag’ Project
Partnered with renowned
marine conservationist Monty
Halls for an innovative citizen
science initiative, empowering
communities to contribute to
marine conservation efforts,
including vital data collection
on microplastics and species
biodiversity.
All-Inclusive Offering
Across Fleet starts
Introduced a new all-
inclusive product for
guests, enhancing the
experience with expert-led
expeditions, science-
focused activities, drinks,
and professional photos —
simplifying the guest
experience.
Effective split of Hurtigruten
and HX Expeditions –
companies start to operate
independently.
Princess Royal Training
Award
‐ Awarded one of the top
52 companies for the
“Guiding in Polar Bear
Environments” program.
‐ This groundbreaking training
initiative was recognized by
HRH The Princess Royal for
setting the standard in
expedition cruise training
and safety in extreme
environments.
HX announces that it has secured major investment via a
consortium of investors, contributing EUR 140 million in new
funding which will help accelerate growth and innovation.
The consortium of investors offers a sizeable new capital injection,
to underwrite the delivery of HX’s exciting global growth strategy.
The announcement highlights that the acquisition will facilitate the
final stage in the separation of HX from its sister company Hurtigruten
(both previously part of the Hurtigruten Group) and will include
EUR 14 million of new junior funding by the consortium to support new
growth opportunities. The investment by the consortium – led by Arini
Capital Management, Cyrus Capital Partners and Tresidor Investment
Management marks yet another exciting phase for HX.
ESG Transparency Award
‐ Recognized with the
prestigious “ESG Transparency
Award” by the European
Sustainability Initiative.
‐ Awarded the highest
distinction in the “Excellence
Class” category, cementing
HX as a global leader in
responsible tourism and
environmental transparency.
3STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
AT A GLANCE CONTINUED
HX ANNUAL REPORT AND ACCOUNTS 2024
Charting New Waters
As we reflect on an extraordinary 2024, I am filled with a
deep sense of pride and anticipation for the future of HX.
This year marked a defining moment in our history.
In July 2024 I had the honour of stepping into
the role of Chief Executive Officer, succeeding
the visionary Daniel Skjeldam, who so
successfully guided this company through
transformative years. It is with great excitement
that I carry forward the strong legacy he built,
and I am eager to continue leading HX toward
new horizons.
2024 marks a pivotal chapter in our journey,
with the launch of our first-ever standalone
annual report, dedicated solely to HX. This
report celebrates our evolution to a fully
independent company, following the split from
Hurtigruten in the final quarter of 2024 and the
cessation of the Hurtigruten Group structure in
February 2025. We are immensely proud of
our rich 129-year Norwegian heritage (soon to
turn 130 in 2026), but as HX, we are looking
boldly toward a future shaped by our own
ambitions and direction.
Our mission remains as clear as ever: to
provide unparalleled expedition travel that is
luxurious, focused on sustainability and
science whilst being deeply enriching and
transformative for our guests. With a fleet
of purpose-built vessels, we are poised to offer
remarkable journeys designed to inspire
curiosity, deepen understanding, and create lasting
memories. Our team, a group of passionate experts, is
at the heart of this vision, bringing to life every
adventure with an unwavering commitment to
excellence.
This year has been one of significant change, and
I want to take this moment to express my heartfelt
thanks to every member of the HX family. From our
exceptional crew to our dedicated staff across the
globe, your passion, perseverance, and expertise
were instrumental in our successful separation and the
establishment of HX as an independent entity. The hard
work and collaborative spirit displayed throughout
2024 were truly remarkable, and I am deeply grateful
for everything you’ve done to get us to where we
are today.
In December 2024 HX announced that it has secured
major investment via a consortium of investors,
contributing EUR 140 million in new funding which will
help accelerate growth and innovation in the future.
The investment by the consortium – led by Arini
Capital Management, Cyrus Capital Partners and
Tresidor Investment Management marks yet another
exciting phase for HX. This announcement around our
funding allows HX to further enhance our offerings
to our guests, boost our focus on greener innovation
and explore new destinations around the globe.
As we look to the future, we are more committed
than ever to pushing the boundaries of exploration.
Our journeys are not just about the destinations we
reach but about the deeper connections we foster –
connections to nature, to culture, and to one another.
Guided by our core values of sustainability, innovation,
and authenticity, HX will continue to lead the way in
expedition travel, offering mindful adventures that go
beyond expectations.
With so much excitement ahead, I am truly inspired by
the journey we are embarking on together. The future
of HX is filled with endless possibilities, and I look
forward to charting new waters alongside our
dedicated team, our valued partners, and all our
adventurous guests. Together, we will redefine the
future of expedition travel—one extraordinary
adventure at a time.
GEBHARD RAINER
CHIEF EXECUTIVE OFFICER,
HX
GEBHARD RAINER
CHIEF EXECUTIVE OFFICER,
HX
4
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
A MESSAGE FROM THE CEO
HX ANNUAL REPORT AND ACCOUNTS 2024
2024 in detail
Navigating New Horizons: A Year of Growth
and Impact
In 2024, HX has continued to build on its heritage of
excellence in expedition cruising while pushing the
boundaries of sustainability, innovation, and community
impact. With a series of important milestones and
strategic partnerships, we have solidified our position
as a global leader in responsible expedition cruising
and environmental stewardship.
Operational Excellence in 2024
2024 saw a year of full-fleet operations for HX, which
across 2024 included six ships operating under the
HX brand:
‐ MS Roald Amundsen (Battery-hybrid powered)
‐ MS Fridtjof Nansen (Battery-hybrid powered)
‐ MS Fram
‐ MS Maud (Transferred to heritage sister
brand Hurtigruten in Q3 of 2024)
‐ MS Spitsbergen
‐ MS Santa Cruz II (Chartered)
There were a number of highlights during operations
in 2024:
Safety is Paramount
As part of our Global Safety Excellence program,
we continued our focus on targeted campaigns
to address key areas. This resulted in an increase in
proactive safety reporting of 40% vs. 2023. We also
ran safety training in each of the areas where incidents
were seen including galley training campaigns.
We updated our BRM training (specialist bridge and
maritime training) at the industry leading simulators of
Simwave to create a BRM v2 training as well as designing
and launching our first Engine Room Management (ERM)
training programme for our engineers.
There was a 50% decrease in Lost Time from Injury
from 3.21 in 2023 to 1.52 in 2024, which coupled with
our increased reporting culture is a significant
achievement by our crew.
Within the Fleet
There were two planned 5-year dockings on Amundsen
and Nansen in 2024 which were the first time these
ships have undergone such an extensive docking.
We launched a new completely revamped bar menu
at the same time as going all-inclusive in our onboard
product. This included a whole new cocktail range and
a wider range in the three restaurants found on the ships.
Destinations and Sales
Our pole-to-pole voyages saw three of our vessels
take guests from the far north to the deep south with
plenty of adventures in between. This year also marked
our first season operating in Greenland under the
strategic leadership of our new Greenlandic Product
Manager based in Nuuk, a first for the industry. Our
flagship vessels, MS Fridtjof Nansen and MS Roald
Amundsen once again met in the channels of the
Northwest Passage, onboard both ships were teams
bringing industry leading innovation online for HX in
this destination.
In 2024 key destinations for our guests remained
Antarctica, Greenland, Arctic and Svalbard. HX also
announced that we would be sailing back in Norway in
early 2026.
Strong growth was seen in our core markets with UK
+27%, USA +21%, APAC +4%.
In 2024, bookings for 2025 demonstrated good
progress, with yields and volume ahead of 2024.
For 2025 bookings across (all departures years),
HX saw strong B2B channel share and revenue growth.
Community Engagement
New tours in Svalbard for 2025 with enhanced
community engagement: The addition of a night in
Longyearbyen allows travellers to connect with the
community and culture of the northernmost town on
Earth. Currently, none of the major cruise operators
traveling to Svalbard offer overnight stays in
Longyearbyen; instead, they charter flights and
board directly from the port after landing. For HX,
contributing to the local community and fabric of the
destination is a key part of our ethos. The extra night
in Longyearbyen also provides opportunities for pre-
and post-cruise activities, giving guests a chance to
explore more deeply.
Our industry leading expedition
team training was recognised
with a Princess Royal training
award (see later) and MS Roald
Amundsen became a Royal
Yachting Association (RYA)
accredited training centre.
Across 2023–2024, HX continued to collaborate
with local partner Metropolitan Touring on the
‘Explore Galápagos’ program in conjunction with
the Galápagos National Park. The program enables
local students to journey to remote areas within the
national park, providing a rare experience often
inaccessible due to high travel costs in the
archipelago. ‘Explore Galápagos’ fosters insight
into expedition cruise operations, potentially
inspiring youth engagement in responsible tourism.
Given that tourism constitutes approximately 85%
of the local economy, emphasising sustainability
remains pivotal. The initiative grew from supporting
100 students in 2023 to supporting 124 local
students in 2024.
EXPLORE GALÁPAGOS
Students supported in 2023
100
Students supported in 2024
124
READ MORE
ON OUR WEBSITE
The year 2024 stands as one of the most unusual in HX history as
our first year of becoming a standalone business. It was also a year
of breakthrough achievements, and an unwavering spirit of
exploration, 2024 redefined what it means to push boundaries.
Join us as we recount the remarkable moments that made this year
truly one of a kind.
5STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
BUSINESS REVIEW
HX ANNUAL REPORT AND ACCOUNTS 2024
Sustainability and Transparency:
Leading the Way in ESG Practices
Awarded the 2024 ESG Transparency Award
In December 2024, HX received the prestigious ESG
Transparency Award from the European Sustainability
Initiative. Achieving the highest distinction in the
“Excellence Class” category, HX was also named
Leading Company in the Transparency and Sustainability
category. This recognition further underscores our
leadership in integrating environmental, social, and
governance (ESG) principles into our operations, setting
the standard for sustainable tourism practices globally.
Training Excellence: Empowering Teams,
Enhancing Safety
Princess Royal Training Award for Polar Bear
Safety Program
In November 2024, HX was honoured with the Princess
Royal Training Award, recognising our “Guiding in
Polar Bear Environments” training programme. This
groundbreaking initiative, developed to ensure the
safety of both guests and expedition teams in extreme
environments, has been acknowledged as a leader in
the industry. The award reflects HX’s commitment to
excellence in safety and training, positioning us as a
pioneer in the expedition cruise sector.
Pioneering Educational Partnerships: Bridging
Science and Exploration
In November 2024, HX announced a pioneering
global partnership with the University of Tasmania and
its Institute for Marine and Antarctic Studies.
This collaboration offers guests and expedition teams
unique access to polar science programme all focused
on Antarctica and combines immersive learning with
real-world experiences. The opportunity to earn an
official University of Tasmania certificate highlights
our ongoing commitment to education and scientific
discovery during their journey to Antarctica.
HX Foundation – Supporting Global
Communities and Environmental Initiatives
The launch of the HX Foundation in September marked
a significant milestone in our commitment to giving
back to the destinations we explore. The Foundation
had previously operated at Hurtigruten Group level,
but in the later part of 2024 HX Foundation was
launched with a dedicated focus on the communities
and destinations closest to HX, and with the support of
a dedicated HX Foundation Director.
In October 2024, HX and the HX Foundation
partnered with marine biologist and broadcaster
Monty Halls on The Big Blue Bag Project. This citizen
science initiative is designed to engage communities
in collecting vital data on marine health, from
microplastics to species biodiversity. The project
reflects HX’s dedication to engaging the public in
hands-on conservation efforts, expanding our
impact far beyond the expedition ship.
THE BIG BLUE BAG PROJECT:
EMPOWERING COMMUNITIES
IN MARINE CONSERVATION
READ MORE
ON PAGE 3
* Science research projects
are predominantly not counted
as a community project unless
they have a clear direct
community benefit.
With over 250 global destinations, the HX Foundation
supports local communities and environmental
initiatives in the regions where HX operates. In 2024,
the Foundation’s Rapid Response Fund initiative was
awarded the Seatrade Award for Expedition Cruise
Initiative of the Year. The fund enables HX ships to
make immediate smaller and quick access donations
to local communities in urgent need.
In June 2024, HX announced a groundbreaking
strategic partnership with Air Greenland,
providing guests with direct flights to
Greenland’s capital, Nuuk. This collaboration
will launch in Summer 2025, enhancing guest
experiences with new ‘Grand Greenland’
itineraries aboard the hybrid-battery-powered
MS Fridtjof Nansen. This partnership was a
key step in HX’s commitment to supporting
sustainable tourism in Greenland while
offering guests unparalleled access to
remote, pristine destinations.
STRATEGIC ALLIANCE
WITH AIR GREENLAND
READ MORE
ON PAGE 2
In 2024 the HX
Foundation gave out…
58 grants
…in
19
different countries…
…with these grants
HX supported
33
different communities…
…and
15
research projects.*
6STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
BUSINESS REVIEW CONTINUED
HX ANNUAL REPORT AND ACCOUNTS 2024
Innovative Partnerships: Strengthening
Our Global Reach
Exclusive Partnership with the National
Audubon Society
In July 2024, HX entered an exclusive partnership with
the National Audubon Society to launch the Audubon
Voyages programme. This collaboration offers ten
specialised voyages in the Galápagos Islands,
Antarctica, and Alaska, combining the best of nature
conservation with exploration. The partnership reinforces
our commitment to responsible tourism and scientific
exploration, giving guests unique opportunities to
engage with critical conservation efforts.
Leadership and Vision: Strengthening Our
Global Team
New Chairman: Alex Dichter Joins HX Board
In March 2024, HX announced Alex Dichter as the
new Chairman of the Board. With over 25 years of
experience in the travel industry, Alex brings a wealth
of strategic insight to the organisation. His appointment
follows HX’s rebranding and marks the next phase of
our journey as an independent global leader in the
expedition cruise market.
Strengthened Executive and Senior Leadership
Teams: Focused on Growth
In January 2024, HX announced key leadership
appointments to drive the next phase of growth. Alex
Delamere-White was confirmed as Chief Commercial
Officer, Alex McNeil was announced as HX’s inaugural
Chief Expedition Officer, whilst Iain McNeill was
announced as Chief Operations Officer. Chloe
Couchman was named Executive Vice President of
Communications. Other executive positions were also
given to David Hilton who joined HX to lead all IT &
Digital and People & Culture SVP Belinda Hendrik.
Jim Sayer and Nathaniel Sherborne were appointed
to senior roles overseeing global marketing and sales
enablement. Together, this team is poised to lead HX
toward an exciting future, with a focus on expanding
our reach and enhancing the guest experience.
A STRONG FOUNDATION FOR THE FUTURE
HX’s vision for the future is one of
continued leadership in responsible
and mindful exploration which includes
impactful community engagement.
As we embark on new partnerships,
introduce innovative offerings, and
work towards delivering with the
highest standards of environmental
responsibility, we remain dedicated
to delivering extraordinary travel
experiences while creating a lasting,
positive impact on the destinations
and communities we visit.
In February 2024, HX introduced an all-inclusive
offering across its fleet. This was announced in
February 2024 and started in October 2024 with full
implementation by the end of Q4 2024. This new
standard, launched for 2024, simplifies the guest
experience by including daily expeditions,
science-led activities, food and drinks, and
professional photography, ensuring an exceptional
experience for every traveller. This move reflects HX’s
commitment to delivering the most seamless and
enriching travel experiences available.
READ MORE
ON PAGE 3
ALL INCLUSIVE OFFERING:
ELEVATING THE EXPEDITION
EXPERIENCE
7STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
BUSINESS REVIEW CONTINUED
HX ANNUAL REPORT AND ACCOUNTS 2024
Who we are
At HX, our purpose is to guide curious travellers on mindful
adventures to the world’s most awe-inspiring places. We are
dedicated to delivering transformative travel experiences
that inspire, educate, and connect our guests with the
natural beauty and diverse cultures of our planet.
Our mission is to be the world’s most responsible
expedition company. In 2023 we were awarded “Best
ESG Ranking of a Cruise Company” by Morningstar
Sustainalytics. We’ve led the industry by being the first
to eliminate single-use plastics and heavy fuel oils, and
our hybrid-powered cruise ships were a world first.
We are already renowned for our commitment to
sustainability, scientific research, and educational
enrichment and we aim to set new standards in
responsible tourism, ensuring that every journey we
undertake contributes positively to the environments
and communities we visit.
Ever since HX set out on our first expedition to
Svalbard in 1896, we have believed that exploring and
learning about our beautiful planet go together. That is
why our fleet of five modern expedition ships are
designed to travel to even the most challenging of
destinations while providing a comfortable and stylish
setting to absorb the wonders of nature.
Our expeditions cruises feature a group of hand-picked
experts who make up the Expedition Team, all tasked
to deliver fascinating talks and lead guests on shore
landings, kayaking excursions, expedition boat
adventures and much more.
HX believes science is key to understanding the world,
and that’s why a large majority of our teams are
scientists as well as hosting and working with guest
scientist, too.
Guests can learn more, our teams are available to help
them use the onboard scientific equipment and guide
them on Citizen Science projects which help ongoing
global research. What is more, HX’s commitment to
more sustainable travel and our mission to help protect
the places we visit means our guests help pioneer a
greener way of cruising.
With diverse and unique expedition cruises to 15
global destinations and stopping at over 230 ports
and landing sites from major cities to isolated islands,
we help people to unleash their inner explorer.
We advise those who travel on an
expedition cruise with us to expect
the unexpected and to be prepared
for life-changing experiences!
OUR VALUES
Our core spirit values
underpin every aspect
of our operations:
Passionate
Explorers
We are proud of our
history and are driven
to create more.
‘Can Do mindset’
We jump-in and
proactively contribute
to the greater good.
Humble Leadership
We have a short
distance between
leaders and teams.
Genuine
Interactions
We want all people to
be their true selves.
Supportive and
Collaborative Teams
We are curious and
generous with our
knowledge. We Trust.
These values guide us as
we continue to innovate
and lead in the field
of expedition cruising,
ensuring that each voyage
with HX is not only a journey
of discovery but also a step
toward a more sustainable and
connected world.
NORWAY
8STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
PURPOSE, VISION AND VALUES
GOVERNANCE
9
HX ANNUAL REPORT AND ACCOUNTS 2024
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
GOVERNANCE
Directors’ Report
Since 2020, the Hurtigruten Group has undergone a
planned reorganisation, resulting in the creation of two
distinct standalone businesses: Hurtigruten (offering
voyages along the Norwegian Coast) and HX, specialising in
global expedition cruises.
1
2
3
In Q4 2023, Hurtigruten Expeditions was rebranded as
HX, while Hurtigruten continued delivering the core
Norwegian business.
The operational separation of HX from the Hurtigruten
business commenced in June 2023 and was completed
in Q4 2024 with limited transitional services continuing
to be provided on an arm’s length basis between the
two now separate companies until the end of 2025.
Following an intensive transformation programme, on
1 October 2024 people transferred and then on
1 November 2024 assets and trade were transferred at
their book value to HX standalone entities all of which
are subsidiaries of the Company. From this point, HX
operated independently, with key functions separate
from the Hurtigruten Group but remained within the
legal corporate structure of the Hurtigruten Group
throughout 2024. Following the end of the financial
year, on 12 February 2025 the consortium investment
completed to secure the HX Group under separate
legal ownership.
As a result, HX Group now stands as a 129-year-old
start-up: proud of our heritage yet forging a path
forward as an independent entity.
The financial statements in this report reflect the
standalone performance of HX, covering the three-
month period following the transfers referred to above.
This presentation aligns with the requirements of
IFRS 3, accurately reflecting the nature of the business
transformation. It also mitigates potential distortions in
prior year comparatives by avoiding the complexities of
untangling the combined financial statements.
Consequently, this approach provides the most relevant
and insightful view of the business of the HX Group
consolidated up to the Company.
Risk and internal control
The Board has the overarching responsibility for
managing the Company. This includes establishing and
maintaining adequate internal control over financial
reporting. The internal controls were designed to
provide a reasonable level of assurance as to the
reliability of the Company’s financial reporting and the
preparation and presentation of financial statements for
external purposes in accordance with IFRS as adopted
by the EU. The controls also ensures that the
Company’s financial reporting complies with the laws
and regulations applicable to companies with bonds
listed on the Oslo Stock Exchange.
The Company’s internal controls over financial
reporting include those policies and procedures that:
1) pertain to the maintenance of records that accurately
and fairly reflect the transactions and the use of
our assets;
2) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of
financial statements in accordance with IFRS, and
that receipts and expenditures are made in
accordance with authorisations by management and
the directors; and
3) provide a reasonable level of assurance regarding
the prevention or timely detections of unauthorised
acquisition, use or disposition of assets that could
have a material effect on the financial statements.
The Board monitors and ensures that the Company’s
internal control procedures are satisfactory. In addition,
the Company has, for the period of this report, been
monitored through the Audit and Risk Committee of
Hurtigruten Newco AS, its indirect parent company
during this period.
The Board reviews the Company’s financial position
monthly and reviews the financial statements at the end
of every quarter. At least once per year, the Board
assesses the Company’s risk profile by reference to
strategic, operational, and transactional factors.
Hurtigruten Group has implemented an enterprise risk
framework with policies, guidelines and tools to
facilitate risk management across the organisation. The
framework is inspired by the Committee of Sponsoring
Organisations of the Treadway Commission (COSO)
ERM framework and the ISO 31000 risk management
guideline.
The Hurtigruten Group risk management function
reports to the Chief Financial Officer. The Board has
approved the risk management framework and
periodically reviews the Company’s key risks.
Due to its inherent limitations, internal control over
financial reporting may not prevent or detect
misstatements even when determined to be effective
and can only provide reasonable assurance with
respect to financial statement preparation and
presentation. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk
that controls may become inadequate because of
changes in conditions, or deterioration related to the
degree of compliance with policies and procedures.
Board of Directors
As of 31 December 2024 HX Group held a listed bond
in subsidiary HX Finance II. At the date of filing, this
bond has moved to HX Hold Co Ltd, the parent
company. Having the listed bond at filing date requires
HX Group to produce these consolidated HX Group
accounts using International Financial Reporting
Standards for the period ended 31 December. The
Group also must comply with the issuer rules of
Euronext Oslo Børs.
Under the Company’s Articles of Association, its
members have authority to appoint, by ordinary
resolution, individuals to be directors and to remove
and replace any director.
The exact number of directors may be increased or
decreased from time to time by vote of a majority of
directors or by the members.
Hurtigruten Group AS (through Silk Holdings S.a.r.l.)
has purchased and maintains Directors and Officers
Liability Insurance on behalf of the members of the
Board of Directors. The insurance also covers
managing directors and directors of controlled
subsidiaries. The insurance policy is issued by
reputable insurers with an appropriate rating.
Issue or repurchase of the Company’s shares
Under the Company’s Articles of Association, except
for actions explicitly requiring the approval of the
members as provided in the Articles or by law, the
powers of the Company shall be exercised by or under
the authority of, and the business and affairs of the
Company shall be managed under the direction of
the Board of Directors comprised of no less than
one director.
The Board of Directors is authorised to:
1) offer or allot; or
2) grant rights to subscribe for or to convert any
security into; or
3) otherwise deal in, or dispose of,
any ordinary shares of £1.00 each in the Company to
any person.
Unless otherwise determined by a special resolution,
the Board must, however, offer the same or more
favourable rights to existing members in proportion to
existing shareholding before dealing in shares as
described above.
The directors are also authorised to issue other classes
of shares.
OUR INTERNAL
CONTROLS
The Company’s internal
controls over financial
reporting include those
policies and procedures that:
pertain to the
maintenance of
records that accurately
and fairly reflect the
transactions and the
use of our assets;
provide reasonable
assurance that
transactions are
recorded as
necessary to permit
preparation of
financial statements in
accordance with
IFRS, and that
receipts and
expenditures are
made in accordance
with authorisations by
management and the
directors; and
provide a reasonable
level of assurance
regarding the
prevention or timely
detections of
unauthorised
acquisition, use or
disposition of assets
that could have a
material effect on the
financial statements.
HX ANNUAL REPORT AND ACCOUNTS 2024
10
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
DIRECTORS’ REPORT
Financial review
Consolidated statement of income
The HX Group started trading independently in Q4
2024. Operating revenue during this period came to
EUR 60.6 million.
Direct cost of goods and services amounted to
EUR 45.1 million, achieving an operating margin
of 25.6%.
Total salaries and personnel costs were EUR 13.3 million
in the period while other operating expenses amounted
to EUR 18.8 million.
Depreciation, amortisation and impairment expenses
were EUR 99.4 million in Q4 2024.
Net other losses were EUR 14.8 million driven by interest
costs and exchange losses.
The HX Group operating loss was EUR 114.5 million for
Q4 2024 while the HX Group net loss before taxes was
EUR 128.6 million.
Consolidated statement of financial position
Non-current assets were EUR 367 million on
31 December 2024 while current assets amounted to
EUR 127.9 million.
Total non-current liabilities amounted to EUR 23.1 million
as of 31 December 2024 while current liabilities,
including the Explorer II bond loan, came to
EUR 632.6 million.
The reported equity as of 31 December 2024 was
negative EUR 160.7 million. This was due to the net loss
in the period of EUR 129.8 million and ship impairments
of EUR 93 million. The equity ratio was -32.5%.
Consolidated statement of cash flows
Available cash and cash equivalents in the cash flow
statement totalled EUR 11.8 million on 31 December
2024, of which EUR 1.4 million was restricted.
The net cash inflow from operating activities for the
period ending 31st December 2024 was
EUR 12.2 million.
Net cash inflow from investment activities in the period
to 31 December 2024 was EUR 0.
Net cash outflow from financing activities was
EUR -0.5 million in the period to 31 December 2024.
Parent company financial statements
The parent company of the HX Group, HX Hold Co Ltd,
was incorporated as a private limited company on
1 June 2023. The company was dormant until it became
the parent company of the HX Group on
1 October 2024.
The Company reported a net income of EUR 0.2 million
in 2024 predominantly driven by charges for
management services to related parties.
In the statement of financial position, the parent
company reported total assets of EUR 13.9 million.
Risk management
HX Group is committed to proactive and effective risk
management to mitigate adverse effects on our
operations and to identify and explore business
opportunities. Ultimately, risk management contributes
to achieving our short-term targets and long-term
strategic objectives.
The HX Group has implemented an enterprise risk
framework with policies, guidelines and tools to facilitate
risk management across the organisation. Our framework
is inspired by the Committee of Sponsoring
Organisations of the Treadway Commission (COSO) ERM
framework and the ISO 31000 risk management
guideline. In 2024 the Hurtigruten Group risk
management function was reporting to the Chief
Financial Officer. The Hurtigruten Group CFO function
was responsible, in consultation with the Hurtigruten
Group CEO, for conducting ongoing tactical risk
management in line with the approved strategy,
including exposure analyses and reporting. The Board of
Directors has approved the risk management framework
and periodically reviews the company’s key risks.
For 2024 the Hurtigruten Group has defined
overarching principles for risk management. Risk
appetite is broadly defined as the level of risk an entity
deems acceptable in the pursuit of overall goals. The HX
Leadership Team within Hurtigruten Group has evaluated
and defined risk appetite across key operational,
strategic and financial dimensions, arriving at a set of
practical guidance statements to regulate risk exposure.
These risk appetite statements provide guidance for
strategic initiatives, resource allocation and decision-
making within the company.
Financial and macroeconomic risk
HX Group is exposed to a variety of financial risks,
including market risk (e.g. fuel, currency, price, fair-value
interest rate and variable interest rate risks), tax risk,
credit risk, liquidity risk and refinancing risk. Interest rate
movements and the overall condition of the credit market
play a role in HX Group’s ability to refinance its debt
obligations. It is an overarching goal to increase
predictability for our operations and to minimise the
impact of fluctuations in macro conditions on our results
and financial position. For further assessments of
financial risks, see note 15 – Financial risk.
The risk of a continued cost-of-living crisis remains for
2025. The World Economic Forum highlights inflation
and economic downturn amongst their top 10 short-term
global risks. Continued high inflation, and thereby falling
levels of real income could reduce the demand for
cruises and adventure travel. Although a “softer landing”
appears to be prevailing for now, the near-term outlook
remains highly uncertain. A broad and sustained
downturn in demand, combined with interest rates
remaining at relatively high levels for a longer period
may impact both consumers and indebted enterprises
and could lead to a recession in the global economy.
The Russian invasion of Ukraine in late February 2022
has brought increased geopolitical risks to global
markets and business operations. The conflict has
adversely affected global and regional economic
conditions and triggered volatility in energy prices.
Escalation of this conflict or other events and conditions
around the world may impact the ability or desire of
people to travel. Despite the impact on global demand,
there are indications that HX Group’s customer base may
be less adversely affected by a recession than other
segments of the population.
Supply and demand risk
HX Group faces competition from cruise companies as
well as other holiday alternatives. To compete effectively
we depend on our ability to anticipate future market
changes and trends, and to rapidly react to such
changes. Inability to meet competition from new and
existing companies, or failure to react to market changes
or trends, may have adverse effects on our business,
earnings and financial position.
ICELAND
HX ANNUAL REPORT AND ACCOUNTS 2024
11
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
DIRECTORS’ REPORT CONTINUED
Credit risk
HX Group has no significant credit risk concentration,
as sales to end customers are settled in cash or via
recognised credit cards, while external agent
transactions require prepayment or approved invoicing.
Cyber security risk
HX Group understands the impact that cyber risk has
on its business activities and how it can be a driver of
significant risks such as reputational, operational, and
regulatory. HX Group works to identify and reduce the
risk to network integrity and data breach/loss through
the implementation of security initiatives and activities
that include:
‐ A framework of information security policies and
procedures that is in line with industry requirements
and provides practical guidance to staff.
‐ Change management processes to manage all
IT changes.
‐ A regular patching programme for firmware,
operating systems and software.
‐ Regular vulnerability scanning to identify missing
patches and vulnerabilities. In addition, a
comprehensive assurance programme that includes
red team and penetration testing.
‐ A security awareness programme training for all staff
on common security threats.
‐ An industry leading AI email security gateway in
addition to XDR (Extended Detect & Response).
‐ A data loss prevention strategy loss prevention
strategy to prevent the egress of sensitive and/or
customer data leaving the HX infrastructure by way
of DLP (Data loss Prevention Policies) and
monitoring.
Environment
At HX Group we are committed to working towards
being the most responsible expedition cruise company,
with a focus on minimising our environmental impact
and preserving the natural world we explore. As a
proud member of the Hurtigruten Group, our
dedication to sustainability has been a core focus for
nearly 130 years.
We recognise that our operations – while designed
to inspire conservation – still present risks to the
environment. The most material of these relate to
greenhouse gas emissions, particularly from fuel
consumption; waste generation, especially in remote
and vulnerable regions; and potential adverse impacts
on biodiversity, including species transmission and
disturbance to fragile ecosystems. We also
acknowledge the role of Scope 3 emissions, including
those associated with guest and crew air travel and the
upstream sourcing of food and supplies. We are
currently mapping our Scope 3 emissions to gain a
more complete understanding of our environmental
footprint.
In terms of direct emissions, we have invested heavily
in our fleet, having built and now operating the first
and only fully hybrid cruise vessels, MS Roald
Amundsen and MS Fridtjof Nansen, since 2019.
We were also the first expedition cruise company to
ban the use of heavy fuel oil in 2008, significantly
reducing our sulphur and nitrogen oxide emissions.
In 2024, we introduced a new product planning tool
that estimates the carbon impact of proposed itineraries
and flags any segments that are disproportionately
carbon intensive. This enables our teams to optimise
routes and operational planning to reduce fuel use and
emissions.
To address waste, we have implemented a full onboard
separation system for recycling streams, reduced food
waste, and installed advanced water treatment
technologies. Our Scanship bio-digestion system
ensures that only 0.03% of used water is discharged as
slurry. We also operate a Green Stay programme,
where guests can opt out of daily cabin cleaning to
save water, electricity, and chemicals. For every Green
Stay night, HX donates EUR 0.50 to the HX Foundation,
which supports local and environmental initiatives in the
regions we visit.
A cornerstone of our sustainability approach is the
Science & Education Program, which connects guests
to the science behind the places they visit while
supporting vital research. Onboard Science Centres
host daily lectures and citizen science activities such
as NASA’s Globe Observer, eBird, and HappyWhale,
allowing guests to contribute valuable environmental
data. We also support external researchers with access
to cabins; in 2024, over 1,900 cruise nights were
dedicated to guest scientists conducting fieldwork in
remote environments. These efforts help expand
understanding of climate change, wildlife patterns,
and ecosystem dynamics in sensitive regions.
Our sustainability performance is continually reviewed
and recognised by independent bodies. In 2024, HX
received the ESG Transparency Award from the
European Sustainability Initiative in the “Excellence
Class” category and was named Leading Company
in Transparency and Sustainability. HX also retained
the top spot in the 2024 NABU Cruise Ranking for
environmental protection and came joint top in the
Friends of the Earth scorecard, which evaluates the
environmental credentials of global cruise fleets.
At HX, we recognise that expedition cruising carries
a duty of care. We are committed to reducing our
impact, restoring the ecosystems we visit, and leading
our industry toward a more sustainable and
nature-positive future.
Working environment
Being a global employer with offices in 9 different
countries and operations on multiple continents comes
with great responsibility to ensure human rights
regardless of where we operate.
HX Group employs 447 persons, including 427
permanent employees and 20 contractors. The
HX Group also employs 503 persons via third party
partnership, representing 60 nationalities at
31 December 2024.
All employees working at sea are covered by collective
bargaining agreements and we have prepared our
internal processes to comply with the Norwegian
Transparency Act to ensure that we protect the human
rights of all men and women working in our entire fleet
and organisation.
HX Group believes that an inclusive workplace is
fundamental in securing the engagement and wellbeing
of our employees. We aspire to be an employer of
choice for people from diverse backgrounds,
regardless of ethnicity, gender, religion, sexual
orientation, disability or age. Diversity and Inclusion
is a desired and positive part of the corporate culture,
strengthening our ability to operate under varying
conditions and operating parameters as well as giving
our guests a unique experience. We aim to increase
diversity in all areas of our business and have set clear
ambitions for an inclusive workplace in a new strategy
entitled ‘On Board Together’ launched in 2024.
There is a policy of zero tolerance for discrimination
of employees within the HX Group, and we
continuously work with a structured improvement
agenda to secure the wellbeing of our workforce.
The Board of Directors considers the working
environment in HX Group to be good and will continue
to maintain a sharp focus on working conditions and
safety culture. As this is the first reporting period, HX
cannot comment on the trends in employee sick leave.
No incidences or reporting of work related accidents
resulting in significant material damage or personal
injury occurred during the year.
HX Group carries out 3 employee surveys a year to
monitor changes in employee engagement. Employee
engagement is followed up through structured
processes that are reflected in concrete actions in our
periodic objectives and key results on both HX Group
and business unit level.
HX Group believes in a flexible workplace, and we
have implemented a HX Group hybrid office policy
enabling employees to utilise the digital tools and
opportunities that best fit the work required. The
increased use of digital tools for information and
document sharing has had a positive effect on the
working environment in the company.
This approach aligns with our HX Spirit values (see
page 8) which emphasise collaboration, innovation,
and respect for individual needs, fostering a culture
of trust, inclusivity, and empowerment across
the organisation.
Going concern
As of 31 December 2024, the HX Group showed
a negative current asset position with the Explorer II
bonds (EUR 25 million) coming due on
12 February 2025.
Before the end of the year, however, on 28 November
2024, it was announced that HX Group was to be
acquired by a consortium of investors, led by Arini
Capital Management, Cyrus Capital Partners, and
Tresidor Investment Management. This followed the
successful completion of the operational split from
Hurtigruten during 2024.
The completion of this investment took place on
12 February 2025 and the restructuring of the
EUR 25 million bond liability has significantly improved
the Group’s position.
OUR PEOPLE
We are a global employer
with offices in…
9
different countries
HX Group employees
447
Permanent employees
427
Contractors
20
Persons via third
party partnerships
503
Nationalities
represented
60
HX ANNUAL REPORT AND ACCOUNTS 2024
12
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
DIRECTORS’ REPORT CONTINUED
ANTARCTICA
Further new funding was secured amounting to
EUR 100 million in junior secured bonds and a
EUR 40 million cross-funding facility from Hurtigruten
Group AS.
The bond maturity was extended by 5 years until
12 February 2030, and the interest rate on reinstated
bonds was fixed at 7.0% p.a.
Therefore, when analysing the balance sheet, the
liabilities related to the bond should be classified as
non-current.
At 13 March 2025 the business was 85% booked
versus its full year 2025 revenue target and 25%
booked for its full year 2026 revenue.
For both departure years, bookings to date are exceeding
prior year comparisons on a like for like bases, with
2025 bookings 9% higher than the same period last
year and 2026 bookings 46% higher, demonstrating
the success to date of the strategic changes made
across the business and the strong growth in both
occupancy and yield that they are driving.
Based on the HX Group outlook and plans for the next
12 months (given the completion of the restructuring
transaction outlined above), the Board of Directors,
have a reasonable expectation that the HX Group has
adequate liquidity for the 12-month period from the
date of this report, and the resources to continue
operations for the foreseeable future.
As a result, and in accordance with the Norwegian
Accounting Act, the Board of Directors confirms that
the financial statements have been prepared in
accordance with the going concern assumption, and
that it is appropriate to make this assumption.
Outlook
Following the strategic changes implemented during
2024, growth continues to accelerate with bookings as
of 13 March for 2025 departures 9% higher year-over-
year and bookings for 2026 departures growing over
46% year-over-year on a constant fleet basis.
Hurtigruten Group AS had a net receivable from
Hurtigruten Expeditions AS (part of HX Group) of
EUR 17 million at year-end. As part of the restructuring,
this receivable was passed to HX Hold Co Ltd for EUR 1
where the debt was converted to equity in Hurtigruten
Expeditions AS and consequently HX Group.
On 12 February 2025, HX Group marked the final stage
of the separation from Hurtigruten Group. This includes
approximately EUR 140 million of new junior funding for
HX to support new growth, innovation and destination
opportunities.
The Company will continue to invest in the HX fleet,
which includes both MS Fram and MS Spitsbergen
receiving material upgrades to cabins, suites, science
centres and restaurant areas onboard in Q2 2025.
This will further enhance guests’ experiences on what
are some of the most popular vessels.
The Company emphasises that the information included
in this annual report contains certain forward-looking
statements that address activities or developments that
the Company anticipates will or may occur in the future.
The statements are based on assumptions and estimates,
and some of them are beyond the Company’s control
and therefore subject to risks and uncertainties.
Additional Information
HX’s business model is not solely dependant on
intangible resources. However, to achieve our strategic
objectives, intangible resources such as brand
recognition and the industry expertise and experience
of our employees are essential.
GEBHARD RAINER
CEO/DIRECTOR
JAMES MCARTHUR
DIRECTOR
HX ANNUAL REPORT AND ACCOUNTS 2024
13
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
DIRECTORS’ REPORT CONTINUED
Our Leadership Team
During the period of this report that the Company has been active, the board of directors
of the Company’s immediate parent, HX Expeditions Holdings Ltd, served as the board
of the wider HX Group of companies. This HX Group board, chaired by Alex Dichter
and additionally comprising Gebhard Rainer and James McArthur, provided oversight
and support to the Board of the Company.
Responsibility Statement
We confirm that, to the best of our knowledge, the
financial statements for the period from 1 October to
31 December 2024 have been prepared in accordance
with IFRS as adopted by EU, with such additional
information as required by the Norwegian Accounting
Act, and give a true and fair view of the Company’s and
the HX Group consolidated assets, liabilities, financial
position and results of operations.
We confirm that the Board of Directors’ report provides
a true and fair view of the development and
performance of the business and the position of the
Company and the HX Group, together with a description
of the key risks and uncertainty factors that the company
is facing.
GEBHARD RAINER
CEO/DIRECTOR
JAMES MCARTHUR
DIRECTOR
OUR BOARD
OF DIRECTORS
Our team,
a group of
passionate
experts, is at the
heart of this
vision, bringing
to life every
adventure with
an unwavering
commitment to
excellence.
GEBHARD RAINER
CHIEF EXECUTIVE
OFFICER
LONDON,
30 APRIL 2025
ALEX DICHTER
CHAIRMAN
Directors of HX Hold Co Ltd
Name
Tenure
James McArthur 1 June 2023 – Current
Gebhard Rainer 16 July 2024 – Current
Simon Little 1 June 2023 – 3 April 2024
Daniel Skjeldam 1 June 2023 – 16 July 2024
GEBHARD RAINER
CHIEF EXECUTIVE OFFICER
JAMES MCARTHUR
CFO & CHIEF TRANSFORMATION
OFFICER
HX ANNUAL REPORT AND ACCOUNTS 2024
14
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
BOARD OF DIRECTORS
FINANCIAL STATEMENTS
15
HX ANNUAL REPORT AND ACCOUNTS 2024
STRATEGIC REPORT GOVERNANCE
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS
Financial statements
10 Trade receivables, other receivables
and prepayments 23
11 Trade receivables, other receivables
and prepayments 23
12 Property, ship and equipment 24
13 Intangible assets 25
14 Leases 26
15 Financial risk management 27
16 Financial instruments 28
17 Interest-bearing liabilities 30
18 Net financial items 31
19 Cash, cash equivalents and bank overdraft 31
20 Share capital 32
21 Income taxes 33
22 Investment in associates 34
23 Investment in subsidiaries 34
24 Business combinations 35
25 Management and auditor’s remuneration 35
26 Contingent liabilities and other commitments 36
27 Related party transactions 37
28 Subsequent events 37
CONTENTS
Consolidated statement of comprehensive income 17
Consolidated statement of financial position 18
Consolidated statement of changes in equity 19
Consolidated statement of cash flows 19
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
1 General information 20
2 Basis of preparation and
material accounting policies 20
3 Critical accounting estimates
and judgements 21
4 Operating revenue and other income 21
5 Segment information 22
6 Direct costs of goods and services 22
7 Salaries and personnel expenses 22
8 Other operating expenses 23
9 Inventories 23
16
HX ANNUAL REPORT AND ACCOUNTS 2024
STRATEGIC REPORT GOVERNANCE
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS CONTINUED
Consolidated statement of other comprehensive income/loss
for the period ended 31 December

EUR thousands | 2024*
Net income | (129 ,762)
Items that may be reclassified to income statement: |
Currency translation differences, net of tax | 1,475
Total items that may be reclassified to income statement | 1,475
Other comprehensive income/loss for the period | 1,475
Total comprehensive income | (128,287)
Total comprehensive income for the period attributable to Owners of the parent | (128,410)
Non-controlling interest | 123
* The HX Group was established as an independently operated and trading group on 1 October 2024, hence the figures in the consolidated statement of income include |
3 months of operation. |

Consolidated statement of income
for the period ended 31 December

EUR thousands | Notes | 2024*
Operating revenue | 4 | 60,561
Other operating income | 4 | 1,590
Total revenue and other operating income |  | 62,152
Direct cost of goods and services | 6 | (45,097)
Salaries and personnel expenses | 7, 25 | (13,328)
Depreciation, amortisation and impairment expenses | 12, 13, 14 | (99 ,425)
Other operating expenses | 8 | (18,766)
Operating profit/(loss) |  | (114,465)
Finance income | 18 | 1,640
Finance costs | 18 | (13 ,063)
Net foreign exchange gains/(losses) | 18 | (3,385)
Net financial items |  | (14,808)
Share of net income from associated companies | 22 | 662
Net income before tax |  | (128,611)
Income taxes | 21 | (1,151)
Net income |  | (129 ,762)
Net income attributable to Owners of the parent |  | (129 ,885)
Non-controlling interest |  | 123

* The HX Group was established as an independently operated and trading group on 1 October 2024, hence the figures in the consolidated statement of income include
3 months of operation.
17
HX ANNUAL REPORT AND ACCOUNTS 2024
STRATEGIC REPORT GOVERNANCE
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS CONTINUED
Consolidated statement of financial position
as at 31 December 2024

EUR thousands | Notes | 31/12/2024
Property, ship and equipment | 12 | 339 ,312
Right-of-use assets | 14 | 396
Intangible assets | 13 | 975
Investment in associates | 22 | 25,639
Deferred income tax assets | 21 | 24
Other non-current financial assets | 16 | 731
Total non-current assets |  | 367 ,078
Inventories | 9 | 6,299
Trade receivables | 10 | 10,471
Other current receivables | 10 | 74,192
Prepayments | 10 | 25,186
Cash and cash equivalents | 19 | 11,754
Total current assets |  | 127 ,902
TOTAL ASSETS |  | 494,981

EUR thousands | Notes | 31/12/2024
Equity and liabilities |  |
Equity |  |
Share capital | 20 | 1
Other reserves |  | 1,475
Retained earnings |  | (162,371)
Equity attributable to equity holders of the parent |  | (160,895)
Non-controlling interests |  | 206
Total equity |  | (160,689)
Liabilities |  |
Non-current interest-bearing liabilities | 16, 17 | 22,580
Non-current lease liabilities | 14 | 158
Deferred income tax liabilities | 21 | 90
Provisions for other liabilities and charges | 11 | 96
Other non-current liabilities | 11 | 170
Total non-current liabilities |  | 23,094
Trade and other payables | 11 | 87 ,079
Current deposits from customers | 4 | 78,509
Current income tax liabilities | 21 | 1,564
Current interest-bearing liabilities | 17 | 258,993
Current lease liabilities | 14 | 197
Intercompany cashpool balance | 19 | 206,233
Total current liabilities |  | 632,575
TOTAL EQUITY AND LIABILITIES |  | 494,981

30 April 2025
GEBHARD RAINER JAMES MCARTHUR
CEO/DIRECTOR DIRECTOR
18
HX ANNUAL REPORT AND ACCOUNTS 2024
STRATEGIC REPORT GOVERNANCE
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS CONTINUED
Consolidated statement of changes in equity
for the period ended 31 December

|  |  |  |  | Equity |
|  |  |  | Equity | attributable |
|  |  |  | attributable to |
|  |  |  | to owners | Non- |
| Share | Other | Retained | of the | controlling | Total
EUR thousands | capital 1 | reserves | earnings | parent | interest | equity
Balance at 1 October 2024 | 1 | – | – | 1 | – | 1
Profit for the period | – | – | (129 ,885) | (129 ,885) | 123 | (129 ,762)
Other comprehensive income | – | 1,475 | – | 1,475 | – | 1,475
Total comprehensive income | – | 1,475 | (129 ,885) | (128,410) | 123 | (128,287)
Share issue at par value | 0 | – | – | 0 | – | 0
Continuity difference related to business combination | – | – | (32,487) | (32,487) | 83 | (32,404)
Balance at 31 December 2024 | 1 | 1,475 | (162,371) | (160,895) | 206 | (160,689)

1 Share capital is EUR 1.2 06 4 thousand at 31 December 2024. Share issue at par value increased the share capital with EUR 0.0 012 thousand.
Consolidated statement of cash flows
for the period ended 31 December

EUR thousands | Notes | 2024
Net income before tax |  | (128,611)
Income tax paid | 21 | 503
Depreciation, amortisation and impairment losses | 12, 13, 14 | 99 ,425
Net other gains/(losses) |  | 0
Net foreign exchange gains/(losses) | 18 | 3,385
Net financial expenses | 18 | 11,424
Share of net income from associated companies | 22 | (662)
Change in working capital |  |
Inventories | 9 | (142)
Trade and other receivables | 10 | 82,653
Trade and other payables | 11 | (18,153)
Changes in deposits from customers and deferred revenue | 4 | (2,082)
Changes in intercompany loans related to cash pool |  | 272
Other changes |  | (35,777)
Net cash inflow from operational activities |  | 12,234
Cash flows from investing activities |  |
Net cash (outflow) from investing activities |  | –
Cash flows from financing activities |  |
Acquisition of subsidiaries, net of cash acquired | 24 | 2,483
Repayment of borrowings | 17 | (2,462)
Payment of principal portion of lease liabilities | 14 | (65)
Interest, placement fee and other financial expenses paid | 15, 17 | (436)
Net cash inflow from financing activities |  | (480)
Net increase in cash and cash equivalents |  | 11,754
Cash and cash equivalents at the beginning of the financial year | 19 | –
Effects of exchange rate changes on cash and cash equivalents |  |
Cash and cash equivalents at the end of the year |  | 11,754
Of which restricted cash | 19 | 1,353

19
HX ANNUAL REPORT AND ACCOUNTS 2024
STRATEGIC REPORT GOVERNANCE
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS CONTINUED
Foreign currency translation
The functional currency of each entity in the Group is determined by the economic environment in which it operates, and transactions
included in the financial statements of each entity are measured in that functional currency.
Transactions in foreign currencies are recorded using the currency exchange rate of the transaction date.
Monetary assets or liabilities denominated in foreign currencies are translated into each entity’s functional currency using the closing
rate at the end of the reporting period, and any gains (losses) are reported in the income statement. Non-monetary items measured at
fair value are translated using the exchange rate at the measurement date.
Currency gains (losses) related to operating activities, i.e. receivables, payables, bank balances held for operating purposes including
current intragroup balances, are recognised as part of net foreign exchange gains/(losses).
Currency effects recognised in finance income and expenses are only related to financing activities such as loans, lease liabilities,
long-term placements and dividends.
For consolidation purposes, the financial statements of subsidiaries with a functional currency other than Euro (EUR) are translated into
EUR. Assets and liabilities, including investments in associates and joint ventures, are translated using the exchange rate as at the
balance sheet date.
Income, expenses and cash flows are translated using the average exchange rate for the reported period. Translation adjustments are
recognised in other comprehensive income and accumulated in currency translation differences in other components of equity. On
disposal of a subsidiary, joint venture or associate, the cumulative translation adjustment of the disposed entity is recognised in the
income statement as part of the gain or loss on disposal.
Statement of cash flow
In the statement of cash flows, operating activities are presented using the indirect method where profit/(loss) before taxes is adjusted
for changes in working capital, the effects of non-cash items, or effects from investing or financing activities. Interest paid and other
financial costs paid are reported as part of cash flow from financing.
New accounting policies and disclosures
In 2024 new standards and amendments to existing standards have become effective. This is related to the following standards:
‐ Lease liability in a sale and leaseback (amendments to IFRS 16)
‐ Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants (amendments to IAS 1)
‐ Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7)
The adoption of these items did not have a significant impact on the financial statements of the Group.
New standards and interpretations not yet adopted
‐ Lack of Exchangeability (Amendment to IAS 21, The Effects of Changes in Foreign Exchange Rates)
‐ Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9, Financial Instruments and IFRS
7, Financial Instruments: Disclosures)
The Group has not adopted any optional new/amended accounting standards for the 31 December 2024 reporting period. These
amendments are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable
future transactions.
‐ IFRS 18 Presentation and Disclosure in Financial Statements
The Group is currently working to identify all impacts of the IFRS 18 amendments will have on the primary financial statements and
notes to the financial statements.
Notes to the Consolidated Financial Statements
1 General information
HX Hold Co Ltd (referred to as “HX”, “HX Group”) is a private limited company. The Company was incorporated and domiciled in
London on 1 June 2023. The Company’s principal office is located at 1st Floor, 210 Pentonville Road, London, England, N1 9JY. The
Company is parent to the HX Group. As of 31 December 2024, the HX Group is ultimately owned 100% by Hurtigruten Group AS.
In late 2024, Hurtigruten Group AS reorganised its business into two distinctly separate businesses: Hurtigruten, which focuses on
global voyages along the Norwegian Coast, and HX.
The HX Group was established as an independently operated and trading group with effect from 1 October 2024, as part of this
reorganisation. The new HX Group combines existing Hurtigruten Expedition businesses with business carved out from entities
previously used by both businesses (“shared entities”). This includes transfers of both employees and assets. This transaction is
classified as a business combination under common control. It involves merging a business that is already part of the HX legal
structure with a business that has been separated from the “shared entities.” The transaction has been accounted for under the
pooling of interest method without restatement of comparative figures prior to the transaction. For more information on related
accounting of the business combination under control, see note 24 Business Combination.
HX Hold Co Ltd and its subsidiaries (collectively “HX Group”) specialises in global expedition cruises around the world. The Group
offers all-inclusive expedition voyages to Antarctica, where it is the market leader, the North West Passage, Alaska, Svalbard and
Galapagos, among others.
The consolidated financial statements for 2024 were approved by the Company’s Board of Directors on 30 April 2025 .
2 Basis of preparation and material accounting policies
Basis of preparation
The consolidated financial statements of HX Hold Co Ltd and its subsidiaries are prepared in accordance with the IFRS® Accounting
Standards as adopted by the European Union (EU) effective on 31 December 2024.
The consolidated financial statements have been prepared on a going concern basis under the historical cost convention. Accounting
policies relating to specific areas of the financial statements are shown in the corresponding notes.
The presentation currency of HX Group is Euro, which is also the functional currency of the parent company. Unless otherwise noted,
all amounts in the consolidated financial statements are denominated in EUR 1 000. The subtotals and the totals in some of the tables
in the notes may not equal to the sum of the amounts shown in the primary financial statements due to rounding.
These financial statements are the first the Group has prepared in accordance with IFRS and thus are prepared under IFRS 1 First-time
Adoption of International Financial Reporting Standards. The IFRS 1 opening balance is 1 June 2023, date of incorporation of the
parent. As the opening balance is 0 and due to the fact that the parent company was dormant prior to the establishment of the group
on 1 October 2024, opening balance and comparative figures for 2023 are not presented (i.e. deemed immaterial for presentation
purposes). As the opening balance is 0, none of the IFRS 1 recognition and measurement exemptions are considered applicable.
A separate IFRS 1 disclosure explaining the effects of conversion to IFRS will therefore not be presented (as there are none) .
Consolidation
The consolidated financial statements include the accounts of HX Hold Co Ltd and its subsidiaries as well as HX Hold Co Ltd’s interest
in equity accounted investments. All intercompany balances and transactions, including unrealised profits and losses arising from
HX Hold Co Ltd’s internal transactions, have been eliminated.
Subsidiary undertakings are entities over which the Group has control. Control is defined as the power to direct an entity’s relevant
activities, the ability to use that power to affect the entity’s returns, and exposure to, or right to, variable returns from involvement with
the entity. Subsidiary undertakings are fully consolidated from the date on which control is transferred to the Group until the date
control ceases. The list of subsidiaries is included in the financial statements, note 23 Investment in subsidiaries .
20
HX ANNUAL REPORT AND ACCOUNTS 2024
STRATEGIC REPORT GOVERNANCE
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS CONTINUED
3 Critical accounting estimates and judgements
The preparation of consolidated financial statements that comply with IFRS requires the use of accounting estimates which,
by definition, will seldom equal the actual results. Management is required to exercise judgement in applying HX Group’s accounting
policies. Management’s assumptions and judgement can have a significant impact on the carrying amounts of assets and liabilities that
are not readily apparent from other sources.
The estimates and associated assumptions are based on market conditions, management’s experience, and other relevant factors.
Actual results may differ from estimates.
All estimates and related underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised
in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods
if the revision affects both current and future periods.
The following represents summary of the critical accounting judgements management has made in the process of applying
HX Group’s accounting policies.
Accounting for the establishment of the group
The establishment of the HX Group has been assessed to represent a business combination under common control, as the group was
controlled by Hurtigruten Group AS both before and after the transaction. The group has applied the pooling of interest method for
the accounting of the business combination, with no restatement of comparative figures prior to 1 October 2024. For more
information on the accounting for the business combination, see note 24.
Ships
Useful economic life
The useful economic life of an asset determines the amount of annual depreciation. The estimated useful life is based on the individual
vessel’s history and management’s experience with HX Group’s other vessels. The estimates are reviewed at regular intervals.
A change in the estimate will affect depreciation in future periods.
Estimated impairment of ships
The book value of the ships is reviewed for impairment annually or in cases where there are clear indicators of impairment. Refer to
note 12 for more details.
Uncertain tax position, legal proceedings, claims and regulatory enquiries
The Group may become party to legal proceedings, disputes or claims including regulatory enquiries. These may be related to the
Group’s business, value added tax (VAT) filings, or tax position, for instance. Any of these processes have uncertain outcomes.
Management evaluates a variety of factors, including the likelihood of an unfavourable outcome and the ability to make a reasonable
estimate of the amount of loss.
Where a reasonable estimate can be made, management accrues for costs related to probable unfavourable outcomes and adds a
financial statement disclosure for unfavourable outcomes that are possible, but unlikely. Unanticipated events or changes in these
factors may require the Group to accrue for a matter that has not been previously accrued for because it was not considered
probable, or a reasonable estimate could not be made. There may also be an increase or decrease in the amount accrued for a
matter in previous reporting periods.
4 Operating revenue and other income
Accounting policy
HX Group presents revenue from contracts with customers and other revenue in a single caption as operating revenue in the
consolidated statement of income.
Revenue from contracts with customers
Revenue from the sale of services is recognised in the accounting period when the service is rendered and/or delivered to the guest.
For ship voyages, revenue is recognised over the days the guest is on board. For voyages currently en route on the reporting date,
revenues are accrued based on the number of days the voyage lasts before the end of the accounting period. Tickets, meals and
excursions are primarily pre-sold before the journey commences. Guests pay their journey up-front, and these payments are
accounted for as deposits from customers (liabilities).
HX Group’s sale of goods primarily relate to sale of food, souvenirs and other kiosk products onboard the ships. Revenue from the
sale of goods is recognised as income when the guest has received and paid for the goods. Payment for retail transactions is usually
made in the form of cash or by credit card. The revenue is recognised in the income statement. The fees for the credit card
transaction are recorded as cost of sales .
Contract costs
Contract costs are the costs incurred to obtain a contract with customer such as for example a sales commission. HX Group pays
commissions to agents that sell tickets on behalf of HX Group. When sales agents are invoiced the commission costs are recognised
in the income statement at the time of the related cruise. In some instances HX Group makes a provision for prepaid or accrued
commission. The cost of sales is presented as direct cost of goods and services in the Income Statement.
Guarantees
No provision for guarantees was included in the statement of financial position as of 31 December 2024.
21
HX ANNUAL REPORT AND ACCOUNTS 2024
STRATEGIC REPORT GOVERNANCE
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS CONTINUED
4 Operating revenue and other income continued

Revenue by category |
EUR thousands | 2024
Passenger revenue | 59,741
Other operating revenue | 820
Total operating revenue | 60,561

Other operating income of EUR 1.59m relates to insurance proceeds due to lost income .
Reconciliation of movement in deposits from customers

EUR thousands | 2024
Deposits from customers, opening balance | –
Acquired through business combination | 79,414
Net new sales | 43,301
Recognised in revenue | (44,206)
Currrency translation effects | –
Other deferred revenue | –
Deposits from customers, closing balance | 78,509

Deposits from customers are expected to be recognised in income as follows |
During the first twelve months | 74,264
During the second year | 4,245
Total deposits from customers | 78,509

Revenue by category and geographical segments
Operating revenue has been separated into geographical areas based on the market where the sale office is located. Some markets
serve customers in other countries.

|  | Other | Total
| Passenger | operating | operating
EUR thousands | revenue | revenue | revenue
Americas | 14,683 | – | 14,683
Norway and Germany | 11,467 | – | 11,467
France | 1,960 | – | 1,960
UK and APAC | 30,451 | – | 30,451
Onboard | 1,246 | – | 1,246
Other | – | 753 | 753
Total operating revenue | 59,807 | 753 | 60,561

5 Segment information
Accounting policy
HX Group’s reportable segments are in accordance with how the corporate management makes, follows up on and evaluates its
decisions. The operating segments have been identified based on internal management information that is periodically reviewed
by the corporate management and used as a basis for resource allocation and key performance review.
HX Group constitutes of only one single operating segment: HX. HX Group has hence not prepared a table showing segment
information as what is being reported internally to those charged with governance is identical to information reported in the
consolidated IFRS primary statements.
6 Direct costs of goods and services

EUR thousands | 31/12/2024
Commissions, transportation and related costs | 15,785
Other direct costs of goods and services | 29,312
Total direct costs of goods and services | 45,097

7 Salaries and personnel expenses

EUR thousands | 2024
Wages and salaries | 11,256
Payroll tax | 963
Pension costs | 662
Redundancy costs | 447
Total salaries and personnel costs | 13,328

Average number of full-time equivalents | 436.25

Government grants
Seamen hired by HX Group are included in the “Net Wages” scheme, where the Norwegian government reimburses to shipping
companies an amount corresponding to the sum of the income tax paid, social security contributions and employer’s national insurance
contributions (payroll tax) for crew within the scheme. HX Group’s policy is to record these grants as a reduction in payroll costs.
In Q4 2024, HX Group applied for EUR 115 thousand (NOK 1.3m) in government grants through this arrangement.
The Norwegian government reimburses parts of the salary to new seamen apprentices. The government grant is recognised as a
reduction in payroll costs. HX made its first application under this scheme in March 2025, but the amount awarded will not be known
until July 2025. Therefore, this amount could not be accrued for and is not included in the Q4 numbers presented in this set of financial
statements.
Employee retirement plan
HX operates defined contribution schemes for its employees as well as mandatory occupational pension plans in the companies where
this is required. These plans for HX Group’s Norwegian companies satisfy the requirements stipulated in the Norwegian Mandatory
Occupational Pension Act.
The total pension cost to HX Group in the period was EUR 0.5m. This is included in the salaries and personnel expenses line of the
Consolidated Statement of Income and Expenses .
22
HX ANNUAL REPORT AND ACCOUNTS 2024
STRATEGIC REPORT GOVERNANCE
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS CONTINUED
7 Salaries and personnel expenses continued
In addition, HX Group has an unfunded defined benefit plan in Norway which only contains three former employees. Total costs
recognised in the period for this pension plan are EUR 0.2m which is immaterial to HX Group.
Bonus scheme
A performance-based bonus scheme was introduced for HX Group’s eligible employees from 2024. The bonus payments are
established applying pre-determined targets/parameters, some of which relate to HX Group’s overall performance and others to results
within the employees’ individual spheres of responsibility. The CEO participates in the same scheme as other eligible employees.
For 2024, eligible employees split a bonus pool of EUR 2.8m .
8 Other operating expenses

EUR thousands | 2024
Legal & professional fees | 5,839
Sales & marketing costs | 7,868
IT & communication costs | 1,437
Bad & doubtful debts | 318
Other operating expenses | 3,304
Total other operating expenses | 18,766

9 Inventories
Accounting policy
Inventories are measured at cost and in accordance with the FIFO principle.
HX Group’s inventory balance includes the following types of goods:

EUR thousands | 2024
Goods purchased for resale | 3,634
Bunkers and lubrication oil | 1,709
Spare parts | 956
Total inventories | 6,299

10 Trade receivables, other receivables and prepayments
Accounting policy
Trade receivables are amounts due from customers for merchandise or services sold in the ordinary course of business. If settlement
is expected in one year or less (or in normal operating cycle of the business if longer), they are classified as current assets. If not,
they are classified as non-current assets.
Trade receivables are measured at the invoiced amount.
Trade receivables are reduced by an allowance for doubtful receivables in accordance with the expected credit loss model.
HX Group applies the simplified approach for trade receivables, measuring the allowance at an amount equal to lifetime expected
credit losses. Impairment for expected credit losses is recognised in the income statement and updated at each reporting date.
The impairment is calculated by considering the historic evidence of the level of bad debt experienced for customer types and the
ageing of the receivable balance. From 1 October to 31 December 2024, HX Group has not recognised an allowance for doubtful
receivables.
All other short-term receivables are measured at nominal values.
For any current financial assets, please refer to Note 16 .
Carrying value of trade receivables, prepayments and other current receivables

EUR thousands | 2024
Trade receivables | 10,471
Trade receivables | 10,471
Prepaid expenses | 25,186
Total prepayments | 25,186
Current receivables from affiliated companies | 55,067
Current receivables related to travel bonds | 12,322
Other miscellaneous receivables | 6,803
Total other receivables | 74,192
Total current trade and other receivables | 109,849
Other non-current financial assets | 731
Total other non-current financial assets | 731

For an overview of receivables from related parties, please see note 27.
23
HX ANNUAL REPORT AND ACCOUNTS 2024
STRATEGIC REPORT GOVERNANCE
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS CONTINUED
10 Trade receivables, other receivables and prepayments continued

Ageing of overdue trade receivables |
EUR thousands | 2024
Up to three months | 8,725
Three to six months | 1,199
Over six months | 547
Total ageing of overdue trade receivables | 10,471

HX Group has no significant concentration of credit risk. Direct sales to guests are settled in cash or with recognised credit cards and
are paid in full prior to the travel date.
Trade receivables primarily comprise sales to external agents through invoicing. The Group has routines to ensure that trade credit
and prepayment of expenses are only extended to agents and vendors that have a satisfactory credit rating. Individual risk exposure
limits are set based on internal and external assessments of credit rating.

11 Trade payables, other current liabilities and provisions |
EUR thousands | 31/12/2024
Trade payables | 24,955
Public duties payable | 2,238
Accrued expenses with affiliate companies | 20,952
Bonus | 6,296
Operating accruals | 24,847
Other current liabilities | 7,791
Total trade and other payables | 87,078

12 Property, ship and equipment
Accounting policy
Property, ship and equipment consist primarily of ships and buildings (office buildings and warehouses). Property, ship and
equipment are recognised at cost less depreciation and any impairments. Assets are reflected at cost less accumulated depreciation
and accumulated impairment losses. See note 3 for critical judgement on the impairment of non-financial assets.
Cost includes costs directly associated with the acquisition of the asset. The Group accounts for ship improvement costs by
capitalising those costs believed to add value to its ships if their useful life is greater than one year.
The Group depreciates those improvements over their estimated useful life.
Property, ship and equipment are depreciated over their estimated useful lives, using the straight-line method and taking into
consideration any residual values. Depreciation commences when the assets are ready for their intended use. Depreciation ceases
when property, ship and equipment are classified as held for sale. Periodic maintenance of ships is recognised in the balance sheet
and depreciated over its useful life until the next periodic maintenance. Ongoing maintenance for all ship types is expensed in the
P&L continuously during the period which the work is performed.
Expected useful life is determined based on historical data, as well as the standard useful economic lifetime in the industry.
Residual value is calculated based on estimated sales values for operating assets at the end of their expected useful life.
The useful life and residual value of operating assets are assessed at every balance sheet date and amended as necessary.
When material components of operating assets have different useful lives, these operating assets are recognised as their various
components. These components are depreciated separately over each component’s useful life. At the end of each accounting period
operating assets are assessed for indications of lasting impairment and, in the event of such impairment, the asset’s recoverable
amount is estimated. When the book value of an operating asset is higher than the estimated recoverable amount, it is written down
to the recoverable amount.
Gains and losses on disposals are recognised on a net basis, as the difference between the sales price and the book value.
24
HX ANNUAL REPORT AND ACCOUNTS 2024
STRATEGIC REPORT GOVERNANCE
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS CONTINUED
12 Property, ship and equipment continued

Movements in property, ship and equipment 2024 |  | Other |  |
|  | property, |  |
|  | plant and | Assets under |
EUR thousands | Ships | equipment | construction | Total
Acquisition cost as at 1 October 2024 |  |  |  |
Additions through business combinations | 584,426 | 2,599 |  | 587,025
Transfers and reclassifications | – |  |  | –
Disposals | (12,453) |  |  | (12,453)
Acquisition cost as at 31 December 2024 | 571,973 | 2,599 | – | 574,572
Accumulated depreciation and impairment as at 1 October 2024 |  |  |  |
Additions through business combinations | (136,297) | (45) | – | (136,342)
Depreciation | (10,801) | (61) | – | (10,862)
Disposals | 5,418 | – | – | 5,418
Impairment losses | (93,474) | – | – | (93,474)
Accumulated depreciation and impairment as at 31 December 2024 | (235,153) | (106) | – | (235,260)
Book value 31 December 2024 | 336,820 | 2,492 | – | 339,312
| 25–40 | 5–10 |  |
Useful economic lifetime | years | years | N/A |

Impairment
Due to the difficult financial situation of HX Group during Q4 2024 and related restructuring management concluded that impairment
indicators existed and considered HX Group’s ships for impairment.
New and independent valuations for each ship were obtained to estimate the current fair values less cost of disposal. These assumed
a sale within the next year to reflect the impending due date of the bond. Key assumptions applied were a discount rate of 25% and
broker fees of 5%.
The Group also estimated the value in use of the ships based on the signed bareboat lease contract currently in place.
Given the situation of the group during Q4 2024 management considered the independent fair value minus costs of sale to be
more appropriate to determine the recoverable amount.
The recoverable amount obtained this way was compared to the book value resulting in the EUR 93m impairment loss related to the
ships Roald Amundsen and Fridtjof Nansen. The fair value of these ships and their new book value is EUR 247m.
There was no impairment required for any other ship assets held.
The ships are not held at fair value, but would be classed as level 3 items in the IFRS 13 fair value hierarchy.
13 Intangible assets
Accounting policy
Other intangible assets
Intangible assets consist mainly of development costs for computer systems recognised in the balance sheet at cost if the criteria
for recognition in the balance sheet are met. Costs related to assets recognised in the balance sheet as custom developed computer
systems largely comprise of payroll costs and external consultants in connection with the development. The criteria for recognising
custom developed intangible assets in the balance sheet are:
‐ It is technically feasible to complete the development of the software so that it will be available for use.
‐ Management intends to complete the development of the software and use it.
‐ It is probable that the intangible asset will create future economic benefits.
‐ Adequate technical, financial, and other resources are available for the Group to be able to complete the development and to use
the completed intangible asset.
‐ Development costs for the asset can be reliably measured.
Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation
and impairment losses. Amortisation of the asset begins when development is complete and the asset is available for use. It is
amortised over the period of expected future benefit. Other development expenditures that do not meet the criteria for recognition
in the balance sheet are expensed as they are incurred .
Impairment of non-financial assets
At each reporting date, the company reviews the carrying amounts of its non-financial assets to determine whether there is any
indication of impairment. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the
impairment loss, if any. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the
recoverable amount of the cash-generating unit to which the asset belongs.
The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future
cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value
of money and the risks specific to the asset.
When an impairment loss subsequently reverses the carrying amount of the asset (cash-generating unit) is increased to the revised
estimate of its recoverable amount. The increased carrying amount does not exceed the carrying amount that would have been
determined had no impairment loss been recognised for the asset (cash-generating unit) in prior years. A reversal of an impairment
loss is recognised immediately in the consolidated statement of income .
25
HX ANNUAL REPORT AND ACCOUNTS 2024
STRATEGIC REPORT GOVERNANCE
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS CONTINUED
13 Intangible assets continued

Movement in intangible assets 2024 |  |
| Other |
| intangible |
EUR thousands | assets | Total
Acquisition cost at 1 October 2024 | – | –
Additions through business combinations | 1,308 | 1,308
Acquisition cost at 31 December 2024 | 1,308 | 1,308
Accumulated depreciation and impairment as at 1 October 2024 | – | –
Additions through business combinations | (296) | (296)
Amortisation | (37) | (37)
Accumulated depreciation and impairment as at 31 December 2024 | (332) | (332)
Carrying amount 1 October 2024 | – | –
Carrying amount 31 December 2024 | 975 | 975
Useful economic lifetime | 3–10years |

Annual impairment tests
HX Group was established as an independently operated and trading group on 1 October 2024. As of the date of incorporation and
31 December 2024 the Group did not hold any goodwill or other intangible assets with indefinite lives. Consequently, the Group
does not have assets that require annual impairment testing.
14 Leases
Accounting policy
The Group has rental agreements related to properties, ships, and equipment, representing future obligations for the Group.
The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially
measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments before commencement
date, initial direct costs incurred and, if applicable, an estimate of costs to dismantle the underlying asset.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the
end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of the right-of-use assets are
determined on the same basis as property and equipment, and is periodically reduced by impairment losses, if any, and adjusted
for remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments, discounted using the interest rate implicit in the
lease or, if the rate cannot be readily determined, the Group’s incremental borrowing rate.
The lease liability is remeasured when there is a change in the terms of the lease such as index adjustments of lease payments,
lease duration or scope changes. A corresponding adjustment is made to the right-of-use asset.
The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of
12 months or less, and leases of low-value assets. The Group recognises the lease payments associated with these leases as an
expense.
The largest impact for the Group leases related to rental of buildings, ships, machinery, and equipment. As the Group’s leases are
mainly short term intercompany leases with Hurtigruten Group, the only lease liability recognised relates to an office lease.
HX Group first assesses whether the lease meets the requirements set out in IFRS 15 relating to the timing of performance obligations
before applying the required accounting treatment in IFRS 16 for a sale and leaseback transaction .

Right-of-use assets |  |  |
EUR thousands | Ships | Buildings | Total
Balance at 1 October 2024 | – | – | –
Additions | 0 | 396 | 396
Depreciation | 0 | – | –
Balance at 31 December 2024 | 0 | 396 | 396

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14 Leases continued

Lease liabilities |
EUR thousands | 2024
Maturity analysis – Contractual undiscounted cash flows |
Short-term liability |
Less than one year | 253
Long-term liability |
One to five years | 169
Total undiscounted lease liabilities at 31 December | 422
Lease liabilities in the statement of financial position at 31 December |
Current | 197
Non-current | 158
Total lease liabilities at 31 December | 355
Amounts recognised in the consolidated statement of income |
Depreciation right-of use assets | –
Interest on lease liabilities | 24
Total | 24
Amounts recognised in the consolidated statement of cash flows |
Net cash outflows for leases | 65

15 Financial risk management
Financial risk factors
HX Group is exposed to a range of risks stemming from its use of financial instruments, including currency risk, interest rate risk,
price risk (notably bunker fuel price fluctuations), credit risk, and liquidity risk.
HX Group’s main risk management objective is to boost operational predictability and reduce the impact of macroeconomic
fluctuations on its financial performance. This strategy will be subject to board approval will be overseen by the CFO and will include
tailored guidelines for managing risks related to currency, interest rates, bunker prices, credit and liquidity.
Currency risk
HX Group primarily operates in EUR and its financing is in EUR yet its international activities expose it to currency risks from revenues
and expenses in a few key currencies: USD, NOK, CZK & AUD.
To mitigate these risks, HX will attempt to match its foreign currency inflows and outflows to create natural hedges wherever possible.
Otherwise, HX will deploy FX instruments such as limit orders and forward contracts. In fact, HX Group has onboarded two FX
partners to manage both routine spot trades and strategic future planning, underscoring that FX strategy will be a major focus in 2025
given the Group’s significant currency flows.
HX does not consider GBP to be a currency giving rise to risk due to natural hedging of both revenue and expenses .

| Impact on |
| net profit/ | Impact on
| loss after | equity
EUR thousands | tax 2024 | 2024
Change USD/EUR 5% | 1,200 | 1,200
Change NOK/EUR 5% | 300 | 300
Change CZK/EUR 5% | (100) | (100)
Change AUD/EUR 5% | (200) | (200)
Total impact | 1,200 | 1,200

Price risk
In Q4 2024 the Group’s total bunker cost was EUR 3.7m which is 6.1% of Group total operating revenues, and the Group is therefore
exposed to fluctuations in the price of bunker fuel.
Currently, the Group does not have any active bunker hedging strategies in place. However, HX Group has have already incorporated
bunker hedging within its corporate baskets to enable future hedging. This initiative will form part of the broader treasury policy set to
be implemented in 2025.
Interest rate risk
In 2024, the Group’s debt structure comprised two fixed-rate instruments, ensuring full predictability of interest liabilities and
eliminating exposure to interest rate fluctuations.

EUR thousands | 2024
Fixed interest rate |
Bonds | (254,805)
Sale leaseback liabilities | (26,767)
Total | (281,573)

Please refer to the Board of Directors report for information on going concern.
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15 Financial risk management continued
Credit risk
The Group has no significant credit risk concentration, as direct sales to guests are settled in cash or via recognised credit cards,
while external agent transactions require prepayment or approved invoicing.
Liquidity risk
The Group manages liquidity risk by maintaining adequate liquid assets aligned with operational and investment needs while ensuring
access to committed credit facilities. The Treasury function oversees liquidity management, with rolling forecasts in place to ensure
sufficient reserves to meet obligations.
The impact of the operational separation of HX from the Hurtigruten Group completed on 1 November 2024 did not have a big
impact on liquidity risk as HX remained within the Hurtigruten Group, in which the liquidity position was tight, group debt was
extensive and liquidity was a significant area of investor scrutiny.
The impact of the full legal separation of HX Group from the Hurtigruten Group on 12 February 2025 was significant for HX Group
as it resulted in a cash injection of EUR 140m and 4 distinct items constituting HX group debt (amended and restated SSNs of
EUR 257.6m, new Junior SSNs of EUR 100m, a Hurtigruten cross-funding facility EUR 40m and Spitsbergen sale and leaseback
outstanding debt EUR 24.8m). The refinancing gives HX the liquidity to proceed with the execution of the restructuring plan and
reduces liquidity risk. Please refer to Note 28 for further details.
All HX Group bank accounts previously in the Hurtigruten Group cash pool made their exit in January 2025, by which time the HX
cash pool was partly established.
Capital management
The Group’s capital management aims to ensure business continuity, support growth and maintain an optimal capital structure.

| Months | Months | Year | Year
EUR thousands | 0–6 | 7–12 | 2–3 | 4–5
Interest-bearing liabilities | 260,381 | 2,852 | 11,315 | 13,692
Total impact on equity | 260,381 | 2,852 | 11,315 | 13,692

The Group’s senior notes bond carries fixed interest payments made twice a year, ensuring that the principal debt value remains
unchanged over time.
As part of the separation formalities required to facilitate the major refinancing at the beginning of 2025, the Group entered into
an intercompany loan agreement with its parent company (Hurtigruten Group AS) for a total value of EUR 209.9m.
16 Financial instruments
Accounting policy
Financial assets measured at amortised cost
This category includes primarily loans and receivables with fixed payments of principal and interest, where the financial instrument
is not traded, but held to collect the contractual cashflow. Loans and receivables are carried in successive periods at amortised cost,
using the effective interest method. Loans and receivables with maturities less than 12 months are classified as current assets and with
more than 12 months maturity as non-current assets.
Recognition and measurement
Regular purchases and sales of financial assets are recognised and derecognised using trade date accounting, which means using
the date the Group commits itself to purchase or sell the asset. Unconditional receivables and payables are recognised as assets or
liabilities when the Group becomes a party to the contract and has a legal right to receive or a legal obligation to pay cash. Assets to
be acquired and liabilities to be incurred as a result of a firm commitment to purchase or sell goods and services are generally not
recognised until at least one of the parties has performed under the agreement. Planned future transactions, no matter how likely, are
not assets and liabilities because the Group has not become a party to the contract.
All financial assets that are not recognised at fair value through profit and loss are initially recognised at fair value plus transaction
costs. Financial assets recognised at fair value through profit or loss are initially recognised at fair value and transaction costs are
expensed in the Consolidated Statement of Income. Subsequent measurement depends on the classification of the asset.
Financial assets are derecognised when the rights to receive cash flows from the investment expire or when these rights have been
transferred and the Group has substantially transferred all risks and rewards of ownership.
Gains and losses from changes in fair value of assets classified as “financial assets at fair value through profit or loss”, including
interest income and dividends, are presented on a net basis in the income statement in the period in which they arise. Dividends from
financial assets at fair value through profit or loss are recognised when the Group’s right to receive payments is established.
Offsetting of financial assets and liabilities
Financial assets and liabilities are only offset, and the net amount reported in the balance sheet, when there is a legally enforceable
right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability
simultaneously.
Impairment of financial assets
At the end of each reporting period, for all assets measured at amortised cost except customer receivables, the Group assesses
whether the credit risk on financial instruments has increased significantly since initial recognition, using available reasonable and
supportable forward-looking information. If and when contractual payments are more than 30 days past due, the credit risk is
considered to have increased. For financial instruments where the credit risk is considered to have increased significantly, an amount
equal to the lifetime expected credit losses is recognised for loss allowance. For financial instruments where the credit risk has not
increased since initial recognition, an amount equal to 12-months expected credit losses is recognised for loss allowance. The change
in recognised impairment losses since the last reporting period is recognised in profit or loss.
Impairment testing of customer receivables is described under trade receivables.
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16 Financial instruments continued

Carrying amount of financial assets and liabilities 2024 |  | Financial |  |
| Financial | instruments |  |
| instruments | at fair value | Non- |
| at | through | financial |
| amortised | profit and | assets and |
EUR thousands | cost | loss | liabilities | Total
Non-current assets |  |  |  |
Other non-current financial assets | 731 |  |  | 731
Current assets |  |  |  |
Trade receivables | 10,471 |  |  | 10,471
Other receivables | 74,192 |  |  | 74,192
Non-current liabilities |  |  |  |
Interest-bearing liabilities | 22,580 |  |  | 22,580
Current liabilities |  |  |  |
Interest-bearing liabilities | 258,993 |  |  | 258,993
Trade payables | 24,955 |  |  | 24,955
Other payables | 62,124 |  |  | 62,124
Bank overdraft | 11,754 |  |  | 11,754
Net financial assets and liabilities | (295,011) | – | – | (295,011)

Classification by IFRS fair value hierarchy
The Group uses the following hierarchy to classify assets and liabilities, based on the valuation methods used to measure
and disclose their fair value:
Level 1: Quoted (unadjusted) prices in active markets for identical assets and liabilities
Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly
or indirectly observable
Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable
Liabilities for which fair values are disclosed as per 31 December 2024

| Carrying |  |  |  |
EUR thousands | amount | Fair value | Level 1 | Level 2 | Level 3
Listed bond | 258,993 | 225,713 | 258,993 |  |

The fair values of the Group’s interest-bearing liabilities are determined by using the quoted closing price of the bond.
There were no transfers between levels 1, 2 or 3 in 2024 .
Credit quality of financial assets
The credit quality of financial assets that are neither past due nor impaired can be assessed by reference to external credit ratings
(if available) or to historical information about counterparty default rates.

EUR thousands | Note | 2024
Counterparties without external credit ratings: | 10 | 84,663
Total trade receivables and other receivables |  | 84,663
Bank deposit |  | 11,163
Cash on hand |  | 591
Total cash and short-term bank deposits |  | 11,754

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17 Interest-bearing liabilities
Accounting policy
Interest-bearing liabilities are recognised initially at fair value, net of transaction costs incurred. Subsequently, interest-bearing
liabilities are recognised at amortised cost using the effective interest method. The difference between the proceeds (net of
transaction costs) and the redemption value is recognised in the Consolidated Statement of Income over the period of the
interest-bearing liabilities as part of the effective interest.
Interest-bearing liabilities are classified as current liabilities unless there is an unconditional right to defer payment of the liability
for at least 12 months after the reporting date. Repayments due within one year are therefore classified as current liabilities.
Borrowing costs directly attributable to the acquisition of operating assets are recognised in the statement of financial position until
the asset is ready for its intended use. Other borrowing costs are expensed on an ongoing basis. In the cash flow statement, interest
paid is classified as part of the financing activities .

Classification of interest-bearing liabilities |
Non-current |
EUR thousands | 31/12/2024
Secured |
Sale leaseback debt facilities 1 | 22,580
Total non-current interest-bearing secured liabilities | 22,580
1) The sale of MS Spitsbergen did not meet the criteria for derecognition. It has therefore been treated as a regular loan. |
Non-current lease liabilities | 158
Total non-current interest-bearing liabilities | 22,738
Current |
EUR thousands | 31/12/2024
Secured |
Bonds | 254,805
Sale leaseback debt facilities | 4,188
Total secured current interest-bearing liabilities | 258,993
Total current interest-bearing liabilities | 258,993
Current lease liabilities | 197
Total outstanding interest-bearing liabilities including lease liabilities | 281,928

Movements in interest-bearing liabilities |
EUR thousands | 2024
Total interest-bearing liabilities opening balance | –
Cash flow |
Lease payments | (65)
Interest and financial cost paid | (436)
Repayment of borrowings | (2,462)
Non-cash flows |
Acquisition through business combination | 284,495
New lease contracts or modified/remeasured contracts | 396
Total interest-bearing liabilities closing balance | 281,928

Maturity of interest-bearing liabilities as of 31 December 2024 | Between | Between | Between |  |
| 0–6 | 7–12 | 2–3 | More than |
EUR thousands | months | months | years | 4 years | Total
Interest-bearing liabilities | 260,381 | 2,852 | 11,315 | 13,692 | 288,240
Lease liability (nominal value) | 126 | 127 | 169 | – | 422
Total | 260,507 | 2,979 | 11,484 | 13,692 | 288,662

Listed bonds
The EUR 300m Explorer II bond was listed on the Oslo Stock Exchange with ISIN: NO0010874548 on 10 July 2020. The senior
secured listed bonds hold mortgage over the vessels MS Roald Amundsen and MS Fridtjof Nansen, bear a fixed coupon of 3.375%
and mature in February 2025.
Please refer to note 28 for information on the February refinancing.
Other interest-bearing liabilities
The Group has a sale and leaseback facility in place for the vessel MS Spitsbergen with monthly charter hire. This facility matures
in June 2028 .
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17 Interest-bearing liabilities continued
Pledges
The security packages under the Senior Notes Facility Agreement (NFA) include mortgages over 2 owned vessels, the pledge of
shares in subsidiaries and the assignment of intercompany loans and insurances.
The senior secured bond holds mortgages over the vessels MS Roald Amundsen and MS Fridtjof Nansen.
The vessel MS Spitsbergen is pledged under the sale and leaseback debt facility .

EUR thousands | 2024
Interest-bearing liabilities secured by mortgage |
Senior secured bond | 254,805
Sale leaseback debt facilities | 26,767
Total interest-bearing liabilities secured by mortgage | 281,573
Book value of assets pledged as security | 278,495

18 Net financial items

EUR thousands | 2024
Interest income | 1,640
Financial income | 1,640

Interest on debt and borrowings | 8,994
Interest on lease liabilities | 960
Interest paid to related parties | 460
Other financial expenses | 2,649
Financial expenses | 13,063

Net foreign exchange gains/(losses) | (3,385)
Net financial items | (14,808)

19 Cash, cash equivalents and bank overdraft
Accounting policy
Cash and cash equivalents comprise cash in hand, bank deposits and other short-term liquid investments with maturity of three months
or less.
The Group is part of a cash-pool arrangement with DNB where HX Hold Co Ltd serves as the owner of the cash-pool. The system is a
multi-currency group account system that consists group accounts in different currencies. The cash pool arrangement is presented net
(i.e. negative and positive balances are presented as net amount) and classified as cash and cash equivalents in the Consolidated
statement of financial position, as the balance is positive as of year-end 2024.
Additionally, the Group is involved in another cash pool arrangement with DNB, with Hurtigruten Group AS as the owner of this cash
pool. Since HX Hold Co Ltd does not own this cash pool agreement, the Group’s bank overdraft associated with this facility is
classified as intercompany with Hurtigruten Group AS .

EUR thousands | 31/12/2024
Cash at bank and on hand 1 | 11,754
Intercompany | (206,233)
1 Of which restricted bank deposits are EUR 1,353 thousand. Restricted bank deposits primarily comprise deposits for guarantees, pledged bank deposits and tax withholding |
funds. See note 28. |

20 Share capital

Share capital |
| 2024
Total number of shares as of 1 October | 1,000
Share issue at par value | 1
Total number of shares as of 31 December | 1,001
Nominal value as of 31 December |
Share capital (total number of shares at nominal value) in EUR thousands 1 | 1
Total paid in equity (EUR thousand) | 1
1 Share capital is EUR 1.2064 thousand at December 31, 2024. Share issue at par value increased the share capital with EUR 0.0012 thousand. |

All ordinary shares have equal rights.

Shareholder information as of 31 December 2024 | Number of | Shareholding
| shares | (%)
HX Expeditions Holdings Ltd | 1,001 | 100%

The ultimate parent of the Group is Hurtigruten Group AS as of 31 December 2024.
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HX ANNUAL REPORT AND ACCOUNTS 2024
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21 Income taxes
Accounting policy
Income tax represents the sum of current tax and deferred tax. Tax is recognised in the income statement, except to the extent that it
relates to items recognised in other comprehensive income or directly in equity, in which case the tax treatment follows the accounting
treatment for the underlying item.
Current tax is the sum of tax payable in respect of the taxable profit for the current year and any adjustment to tax payable in respect
of previous years. Taxable income differs from profit as reported in the income statement because it excludes items of income or
expense that are taxable or deductible in other years and items that are never taxable or deductible. The Group’s liability for current
tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.
The Group operates in multiple territories with complex and varied tax systems. Management exercises judgement in relation to the
level of provision required in respect of uncertain tax positions. For positions not agreed with tax authorities where different
interpretations of legislation could lead to a range of outcomes, judgements are made for each position considering particular
circumstances and advice obtained.
Deferred tax is the tax expected to be payable or recoverable on temporary differences between the carrying values of assets and
liabilities for financial reporting purposes and the corresponding amounts used in the calculation of taxable income. The amount of
deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities,
using tax rates enacted or substantively enacted at the balance sheet date.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and recognised only to the extent that it is
probable that sufficient future taxable income will be available to allow the asset to be utilised. Deferred tax is provided on temporary
differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary differences
is controlled by the Group, and it is probable that the temporary difference will not reverse in the foreseeable future.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off and where the balances relate to the
same taxation authority. Current tax assets are set off against current tax liabilities when they relate to income taxes levied by the same
taxation authority. HX Group intends to settle its current tax assets and liabilities on a net basis.
The cruise operator subsidiary of the Group is subject to taxation under the UK tonnage tax regime. Under the UK tonnage tax regime,
all qualifying activities, including many supplementary activities linked to the provision of cruises, are taxed on a fixed profit
calculated by reference to the deadweight tonnage of the ships in the fleet rather than on the operating profits of the business.
Several of the Group’s subsidiaries are vessel owning companies, which are subject to taxation under the Norwegian tonnage tax
regime. Under the Norwegian tonnage tax regime, profits from qualifying operations are exempt from taxation, whilst financial results
are not. Taxable profit is calculated on the basis of financial income after deduction of a portion of financial expenses. The portion
deducted is calculated as financial assets in percent of total assets. The tax regime allows for financial losses to be carried forward
against positive financial income in later years.
Tonnage tax is payable based on the net tonnage of vessels and classified as an operating expense. Taxation under the Tax tonnage
regimes requires compliance with strict requirements. Voluntary or compulsory exit from the regime will result in ordinary taxation of
the operating results.

Income tax recognised in profit and loss |
| 01/10 –
EUR thousands | 31/12/2024
Current tax charge/(credit) | 1,085
Deferred tax charge/(credit) | 66
Total income taxes | 1,151

The following table reconciles the actual income tax expense to income taxes calculated at the UK statutory tax rate of 25%:

Reconciliation of income tax (expense)/benefit |
| 01/10 –
EUR thousands | 31/12/2024
Net income before tax | (128,611)
Tax charge/(credit) at the UK statutory rate | (32,153)
Differences between the UK and other tax rates | 3,369
Non-deductible expenses/(non-taxable income) | 29,836
Foreign exchange translation differences | 337
Changes in the recognition of tax losses | (93)
Tax impact of (profit)/loss from equity accounting on investments | (146)
Other differences | –
Total income (taxes) benefit | 1,150

Tonnage tax in both the UK and Norway is based on the ships’ tonnage and not income and is therefore classified as an operating
expense.
For October to December 2024 HX Group incurred EUR 28 thousand in tonnage tax.

| Accelerated |  |  |
| tax |  | Undistributed |
EUR thousands | depreciation | Tax losses | profits | Total
Balance at 1 October 2024 | – | – | – | –
(Charge)/credit to income statement | (85) | 22 | (3) | (66)
Balance at 31 December 2024 | (85) | 22 | (3) | (66)

EUR thousands | 2024
Deferred tax liabilities | 90
Deferred tax assets | 24
Net deferred tax assets/(liabilities) | 66

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21 Income taxes continued

Tax losses carried forward | Gross tax | Net tax |  |
| loss | loss |  | Recognised
| carried | carried | Unrecognised | deferred
EUR thousands | forward | forward | tax losses | tax
Canada | 54 | 20 | 20 | 20
Czechia | 10 | 2 | 2 | 2
Total tax losses carried forward | 64 | 22 | 22 | 22

The majority of tax losses can be carried forward indefinitely.
22 Investment in associates
Accounting policy
Associates are all entities over which the Group has significant influence but not control or joint control. This is generally the case
where the Group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity
method of accounting, after initially being recognised at cost.
Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the
Group’s share of the post-acquisition net income of the investee in profit or loss, and the Group’s share of movements in other
comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint
ventures are recognised as a reduction in the carrying amount of the investment.
Where the Group’s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other
unsecured long-term receivables, the Group does not recognise further losses, unless it has incurred obligations or made payments
on behalf of the other entity.
Unrealised gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the Group’s
interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset
transferred. Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the
policies adopted by the Group.
This table presents the associates and joint ventures of the Group as of 31 December 2024. Associates are accounted for using the
equity method.

EUR thousands | ETICA | GBM HX LLC |  | Total
Registered office | 18-01 | 307 | Bawden |
| Guayaquil |  | Street, |
| Ambato |  | Ketchikan, |
| Tungurahua |  | AK 99901 |
Shareholding | 24.9% |  | 25.0% |
Net investments at 1 October 2024 | – |  | – | –
Additions through business combinations | 23,569 |  | – | 23,569
Share of net income | 662 |  | – | 662
Translation differences | 1,408 |  | – | 1,408
Carrying value, 31 December 2024 | 25,639 |  | – | 25,639

The following table illustrates the summarised financial information of the Group’s investment in ETICA for October to December 2024:
Note that we do not disclose this breakdown for the other associates as the values for these, even in aggregate, are highly immaterial.

EUR thousands | ETICA
Current assets | 18,987
Non-current assets | 46,335
Current liabilities | 28,864
Non-current liabilities | 9,854
Equity | 26,603
Group’s share in equity | 6,624
Goodwill | 19,015
Group’s carrying amount of the investment | 25,639
Revenue | 18,973
Profit for the year (continuing operations) | 2,483
Other comprehensive loss that may be reclassified to profit or loss in subsequent periods, net of tax |
Other comprehensive income that will not be reclassified to profit or loss in the subsequent |
periods, net of tax | 176
Total comprehensive income for the year (continuing operations) | 2,659
Group’s share of profit for the period | 662

The associates had no contingent liabilities or capital commitments as at 31 December 2024.
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23 Investment in subsidiaries |  |  |  | Ownership/
| Registered office |  |  | voting share
Owned directly by HX Hold Co Ltd |  |  |  |
HX Cruises Ltd | 1st floor, 210 Pentonville Road, London, N1 9JY, UK |  |  | 100%
HX Group Ltd | 1st floor, 210 Pentonville Road, London, N1 9JY, UK |  |  | 100%
Hurtigruten Expeditions AS | Langkaia 1, 0150 Oslo, Norway |  |  | 100%
HX Invest AS Owned by subsidiaries of HX Hold Co Ltd | Langkaia 1, 0150 Oslo, Norway |  |  | 100%
HX FR SAS | 2 rue de la Roquette, Passage du Cheval Blanc, 75011 Paris, France |  |  | 100%
HX NO AS | Langkaia 1, 0150 Oslo, Norway |  |  | 100%
HX CZE s.r.o. | Jáchymova 26/2, Praha 1, 110 00, Czechia |  |  | 100%
HX AU Pty Ltd | Suite | 401, 477 | Collins Street, Melbourne, 3000, Australia | 100%
HX Expeditions OÜ | Harju maakond, Tallinn, Kesklinna linnaosa, Narva mnt 63/3, 10120, Estonia |  | 100%
HX DE GmbH | Große Bleichen 23, 20354 Hamburg, Germany |  | 100%
HX Charter Ltd | 1st floor, 210 Pentonville Road, London, N1 9JY, UK |  | 100%
HX US Inc | 1505 | Westlake Avenue North, Suite # 125, Seattle, WA 98109, USA | 100%
HX CA ULC | 210-6111 36 ST SE, Calgary, Alberta, T2C 3W2, Canada |  |  | 100%
Hurtigruten Expedition Cruises AS | Langkaia 1, 0150 Oslo, Norway |  |  | 100%
HX Vessels AS | Langkaia 1, 0150 Oslo, Norway |  |  | 100%
HX Finance II AS | Langkaia 1, 0150 Oslo, Norway |  |  | 100%
HX Finance III AS | Langkaia 1, 0150 Oslo, Norway |  |  | 100%
HX Finance IV AS | Langkaia 1, 0150 Oslo, Norway |  |  | 100%
HX HO GmbH | Vorsetzen 54, 20459 |  | Hamburg, Germany | 100%
HX TO GmbH | Große Bleichen 23, 20354 Hamburg, Germany |  |  | 50%
HX Crew AS | Johan Knudtzens Gate 2A 9900 Kirkenes, Norway |  |  | 100%
HX ShoreX AS | Langkaia 1, 0150 Oslo, Norway |  |  | 100%
HX Invest AS | Langkaia 1, 0150 Oslo, Norway |  |  | 100%

24 Business combinations
Accounting policies
A business combination is a transaction or other event in which an acquirer obtains control of one or more businesses. A business
consists of inputs and processes applied to those inputs that have the ability to create outputs. Determining whether a particular set of
assets and activities is a business should be based on whether the integrated set is capable of being conducted and managed as a
business by a market participant.
A business combination under common control is a business combination in which all of the combining entities are ultimately
controlled by the same party or parties both before and after the business combination, and that the control is not transitory. A
business combination under common control where the control is not transitory is outside the scope of IFRS 3.
A business combination under common control can be accounted for using the pooling of interest method as a policy choice. HX has
selected to account for the establishment of the group under this method.
The pooling of interests method is generally considered to involve the following:
‐ The assets and liabilities of the combining parties are reflected at their carrying amounts. No adjustments are made to reflect fair
values, or recognise any new assets or liabilities, at the date of the combination that would otherwise be done under the acquisition
method. The only adjustments made are to align accounting policies.
‐ No “new” goodwill is recognised as a result of the combination. The only goodwill that is recognised is any existing goodwill
relating to either of the combining parties. Any difference between the consideration transferred and the acquired net assets is
reflected within equity (i.e. continuity difference).
‐ The income statement reflects the results of the combining parties.
When applying the pooling of interest method, an entity has two policy choices when it comes to presentation of figures for periods
prior to the combination (retrospective and prospective approach). When using a prospective approach, the financial information in
the consolidated financial statements is not restated for periods prior to the business combination under common control. The
receiving entity accounts for the combination prospectively from the date on which it occurred. HX has applied a prospective
approach .
Significant accounting judgement
Acquisitions in 2024
Hurtigruten Group AS (HGAS) restructured its organisation on 1 October 2024, by transferring 100% of the shares in Hurtigruten
Expeditions AS (HEAS) and Hurtigruten Investments AS (HIAS) to HX Hold Co Ltd as well as certain assets and operations carved out
from the so called “shared entities” for a total consideration of EUR 33m. The consideration was in the form of a receivable later
converted to equity. This acquisition establishes operational independence for Hurtigruten Expedition (HX) and Hurtigruten Norway
(HRN), with the primary reasons for the business combination being the expected synergies from combining operations and the
strategic advantages of having a dedicated expedition-focused group.
The restructuring also involves the full separation of shared services and intra-group dealings, ensuring distinct cash flows and liability
allocations for future sailings. The new HX group becomes operationally independent, with business and assets carved out from
Hurtigruten Global Sales AS, Hurtigruten Global Services AS, and Hurtigruten Group AS (“shared entities”). The assets are transferred
to newly incorporated HX entities and combined into the existing HX structure.
The transaction is considered a business combination as it combines business in the HX entities with business carved out from the
shared entities. As HX is controlled by Hurtigruten Group both before and after the transaction, the transaction is considered a
business combination under common control.
As the pooling of interest method is applied, all assets and liabilities are derived from carrying amounts in the Hurtigruten Group
consolidated financial statements. HX Hold Co Ltd is considered the receiving entity when applying the pooling of interest method.
This entity is also the legal acquirer and parent company within the HX group.
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24 Business combinations continued
Further details on the transfer are provided below:
Based on the pooling of interest method, the table below illustrates the identifiable assets in Hurtigruten Expeditions AS (HEAS),
Hurtigruten Investments AS (HIAS) and “shared entities” at acquisition date:

| Carrying value of assets
| and liabilities acquired by
Amounts in EUR thousands | HX Hold Co Ltd.
ASSETS |
Non-current assets |
Property, ship and equipment | 450,728
Intangible assets | 1,012
Investment in associates | 23,569
Total non-current assets | 475,309
Other non-current financial assets |
Inventories | 6,157
Trade receivables | 1,656
Other current receivables | 170,433
Prepayments | 20,414
Other current assets | 574
Cash and cash equivalents | 2,483
Total current assets | 201,716
Total assets | 677,025
Non-current liabilities |
Non-current interest-bearing liabilities | 201,895
Non-current lease liabilities | –
Provisions for other liabilities and charges | 95
Total non-current liabilities | 201,989
Current liabilities |
Trade and other payables | 105,232
Current deposits from customers | 80,591
Current income tax liabilities | 441
Current interest-bearing liabilities | 258,831
Intercompany | 66,362
Total current liabilities | 511,457
Total liabilities | 713,446
Total identifiable net assets using pooling of interest method | (36,421)

Amounts in EUR thousands |
Analysis of cash flows on acquisition | Total
Net cash acquired with the subsidiaries | 2,483
Cash paid | –
Net cash flow from acquisition | 2,483

25 Management and auditor’s remuneration
Total compensation
Board of directors
The Board of Directors received no remuneration for their services in the period.

Management |  |  |  |  |  |
|  |  |  | Pension |  | Total
EUR thousands |  | Position | Salary | cost | Other 1 | remuneration
Gebhard Rainer |  | CEO | 211 | 15 | 784 | 1,010
James McArthur |  | CFO | 155 | 11 | 1,989 | 2,155
Total |  |  | 366 | 26 | 2,773 | 3,165
1 | Other costs include bonus expensed in 2024. |  |  |  |  |

Auditor remuneration |
| 01/10 –
EUR thousands | 31/12/2024
Statutory audit | 72
Other assurance services | –
Other non-assurance services | –
Tax consultant services | –
Total | 72

VAT is not included in the fees specified above.
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HX ANNUAL REPORT AND ACCOUNTS 2024
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26 Contingent liabilities and other commitments
As of 31 December 2024, no significant liabilities are expected to arise from contingent liabilities that have not already been provided
for in the financial statements.
Guarantees
As of 31 December 2024, HX Group had guarantees and letter of credit capacity of around EUR 41.5m. This balance is partly
covered by a EUR 73m letter of credit facility provided by banks which are credit supported by the ultimate shareholders of the Group
and partly by cash collateral deposits.
Guarantees and letters of credit issued are mainly in connection to travel guarantee schemes, tax bonds and other guarantees related
to operations and payment collection.
The Group also maintains a trust account held in escrow for ATOL-protected products to safeguard customer deposits, with the
balance closely monitored and updated on a weekly basis to ensure compliance.
Membership of the NOx Fund
Hurtigruten Expedition Cruises AS is member of the Confederation of Norwegian Enterprise’s (NHO) NOx Fund. The main objective
of the Environmental Agreement concerning reductions of NOx and the NHO’s NOx Fund is to reduce emissions of nitrogen oxide.
The Fund is a joint venture to which affiliated businesses can apply for support for emission-reducing measures. Payment to the Fund
replaces the nitrogen oxide tax for affiliated businesses.
The Environmental Agreement for 2011-2017 was signed on 14 December 2010 by 15 industry organisations and the Ministry of
Environment and was approved by EFTA’s Monitoring Body (ESA) on 19 May 2011. The Fund has reported that the targets for
2011-2016 were met. On 24 May 2017, an extension to the NOx Agreement for the period 2018-2025 was signed between the
business organisations and the Norwegian authorities. The extension was approved by ESA on 2 February 2018. A second extension
for the years 2026 and 2027 was signed in May 2022. This agreement is not yet approved by ESA.
Legal items
While acknowledging the uncertainties related to disputes and claims, management is of the opinion that, based on the information
currently available, all pending legal matters will be resolved without any material adverse effects, individually or in aggregate, on the
Group’s financial position.
27 Related party transactions
Transactions with related parties are carried out with terms and conditions that are no more favourable than those available, or which
might reasonably be expected to be available, in similar transactions between independent parties. Related parties are defined as the
key management personnel of the company, its shareholders, companies controlled by the same key personnel, and associates.
Associates in 2024 include Empresa Turistica Internacional C.A and GBM HX LLC (see note 22).
The Group conducted the following transactions with related parties:

Transactions with associates |
EUR thousands | 2024
Operating revenues |
Sale of services to Hurtigruten Global Sales AS Operating costs | 31,459
Purchase of services from Hurtigruten Global Sales AS | 31,931
Purchase of services from Hurtigruten Coastal AS | 1,125
Purchase of services from Hurtigruten Global Services AS | 858
Purchase of services from Empresa Turistica Internacional C.A. | 934
Finance costs from Hurtigruten Group AS Balances with related parties at year-end | 2,647
Current receivables | 55,067
Current liabilities | 23,396
Net balances with related parties as of 31 December | 31,671

Current receivables from other group companies at year-end |
EUR thousands | 2024
Amounts due from Hurtigruten Group AS | 587
Amounts due from Hurtigruten Global Sales AS | 2,140
Amounts due from Hurtigruten Global Services AS | 11,872
Amounts due from Hurtigruten UK Ltd | 15,442
Amounts due from Hurtigruten France SAS | 2,364
Amounts due from Hurtigruten Inc | 22,662
Total | 55,067

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HX ANNUAL REPORT AND ACCOUNTS 2024
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27 Related party transactions continued

Current payables to other group companies at year-end |
EUR thousands | 2024
Amount owed to Hurtigruten Group AS * | 208,546
Amount owed to Hurtigruten Global Sales AS | 7,126
Amount owed to Hurtigruten Global Services AS | 960
Amount owed to Hurtigruten Coastal Fleet AS | 7,646
Amount owed to Hurtigruten GmbH | 728
Amount owed to Hurtigruten UK Ltd | 584
Amount owed to Hurtigruten France SAS | 281
Amount owed to Hurtigruten Inc | 1,272
Amount owed to Hurtigruten Estonia OU | 43
Total | 227,186

* Includes intercompany cashpool balance per Note 19
28 Subsequent events
On 28 November 2024, it was announced that HX Group was in a process to be acquired by a consortium of investors, led by Arini
Capital Management, Cyrus Capital Partners, and Tresidor Investment Management and would undergo a significant restructuring
involving legal and operational separation from its former parent, Hurtigruten Group AS. At the same time, HX Group also initiated the
process to restructure its existing bonds.
Hurtigruten Group AS had a net receivable from Hurtigruten Expeditions AS of EUR 173m at year-end. As part of the restructuring,
this receivable was passed to HX Hold Co Ltd for EUR 1 where the debt was converted to equity in Hurtigruten Expeditions AS and
consequently HX Group.
The restructuring was completed on 12 February 2025 and HX Bidco Ltd became the new ultimate parent company of the HX Group.
In connection with the restructuring, HX Hold Co Ltd assumed the obligations of the Group’s existing senior secured bonds, and new
funding was secured through EUR 257.6m in reinstated bonds, EUR 100m in junior secured bonds and a EUR 40m cross-funding
facility from Hurtigruten Group AS.
As part of this restructuring, HX Group has to comply with a liquidity covenant and must hold at least EUR 17.5m.
In addition to the legal separation from the previous parent Hurtigruten Group AS, the transaction also included release from
Hurtigruten Group related guarantees, and the introduction of security and guarantee package (“HX Collateral”) covering HX Group
assets and entities. The bond maturity was extended by 5 years until 12 February 2030, and the interest rate on reinstated bonds was
fixed at 7.0% p.a. The assets pledged as part of the refinancing include first priority pledges of 100% of shares in HX Hold Co and its
subsidiaries, ship mortgage deeds for vessels MS Fridtjof Nansen, MS Roald Amundsen, and MS Fram, along with security
agreements for trade receivables and related assets.
Following the restructuring, HX Group continues operations as an independent entity with no changes to customer relationships,
employment terms, or ongoing commercial obligations. The restructuring improves HX Group’s capital structure and financial
flexibility.
The Group plans to relist the bond with HX Hold Co as the issuer. This bond will be secured on the Group’s assets, including
all ships.
This event is classified as a non-adjusting subsequent event, as the restructuring and associated financial arrangements was completed
after 31 December 2024 and do not reflect existing conditions at year-end. No adjustments have been made to the financial
statements as of 31 December 2024.
Given the completion of the restructuring transaction outlined above and based on the Group’s outlook and plans for the next
12 months the Board of Directors, have a reasonable expectation that the Group has adequate liquidity for the 12-month period from
the date of this report, and the resources to continue operations for the foreseeable future. The group financial statements have been
prepared in accordance with the going concern assumption.
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HX ANNUAL REPORT AND ACCOUNTS 2024
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