Hurtigruten Announces Acquisition by Consortium of Existing Investors Contributing More Than EUR 360m of New Capital into the Business

• Announcement Underpins an Exciting New Chapter for Hurtigruten, a Company with a Legacy Spanning over 131 Years

• New Investment of approximately EUR 110m of Long-Term Funding to Support the Business’ Future Growth and Facilitate the Final Phase of the Separation of the Group, Combined with a Significant Deleveraging of the Existing Debt and Refinancing of Existing Maturities to Provide Execution Runway

• Hurtigruten’s Recently Bolstered Executive Management Team and the Consortium are Fully Committed to Supporting the Business Deliver its Growth Prospects, Evidenced by the Substantial Capital Investment

• Expected to Close in January 2025, also completing the ongoing split process between Hurtigruten and HX (Hurtigruten Expeditions)

Oslo, Norway – November 28, 2024: Hurtigruten (the “Company”) today announces that the Company has been acquired by a consortium of existing investors (“the Consortium”) and has received approximately EUR 110m in new, long-term funding. The new setup provides a solid base for the future growth and continued development of Hurtigruten as Norway’s leading coastal cruise line. The closing of this transaction will mark the completion of the process to separate Hurtigruten from HX (Hurtigruten Expeditions).

Hedda Felin, Chief Executive Officer at Hurtigruten, said, “This is an important milestone for Hurtigruten. The transaction allows us to continue to deliver our long-term goals, enable sustainable growth, and enhance our customer experience. We look forward to working alongside the new investor group.”

Under the new ownership, which includes existing investors led by Arini Capital Management, AlbaCore Capital and Barings, Hurtigruten will continue to deliver the best guest experience on the Norwegian coast, also known as "the world's most beautiful sea journey". With more than 130 years of transporting freight, local passengers and tourists, no other company knows the unique coastline like Hurtigruten and its nearly 2,000 employees on sea and land.

Hurtigruten is seeing strong demand for its products with, as of 24^th November, 2025 bookings 24 percent higher year-to-date compared to last year for 2024, and poised for further acceleration in 2026.

Torben Geisler, who led the Arini investment, said on behalf of the Consortium, “Hurtigruten is a strong, storied brand that has made a name for itself for over a century as a world-class operator. Our investor group looks forward to backing the Hurtigruten management team and its employees to help the company achieve its significant potential while continuing to deliver exceptional travel experiences to its customers.”

The transaction will significantly reduce outstanding debt of the Company and its parent group by over EUR 1bn, resulting in remaining debt of approximately EUR 400m, and extending the maturities to at least 2030.

Hurtigruten will continue as a standalone company, headquartered in Oslo, Norway and Hurtigruten will own and operate its 10 ships under the Norwegian flag.

The Company will also continue to benefit from the leadership of Hedda Felin and her skilled team, which was further strengthened with the recent appointment of Per-Hermod Rasmussen as new Chief Financial Officer. Mr. Rasmussen assumes his position on 1 December and will play a central role in driving the Company’s financial strategy forward, bringing valuable expertise to Hurtigruten.

The change of ownership has no practical implications for Hurtigruten's customer offering, business partners or daily operations.

The transaction is expected to close in January 2025.

Media can contact Hurtigruten press at press@hurtigruten.com with any comments or questions.