Press release | First quarter results 2024

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

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

Net cash outflow from operating activities in first quarter of 2024 was EUR 3.8 million compared to EUR 3.6 million in first quarter 2023. Net cash outflow from investing activities was EUR 15.2 million in first quarter 2024 compared to an outflow of EUR 20.4 million in first quarter 2023 mainly related to capital expenditures from environmental ship upgrades on Hurtigruten vessels and scheduled dockings.

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

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

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