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Company presentation September 0 IMPORTANT NOTICE AND DISCLAIMER

This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in Hurtigruten Group AS (the "Company") or any affiliated company thereof.

This presentation may include certain forward-looking statements, estimates, predictions, influences and projections relating to the business, financial performance and results of the Company and its affiliates and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. These forward-looking statements may or may not prove to be correct and no representation is made as to the accuracy of such statements, estimates, projections, predictions and influences. Forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. The information and opinions contained in this presentation are subject to change without notice. Except as required by law, the Company assumes no obligation to update any forward-looking statements or to conform these forward-looking statements to its actual results.

This presentation contains alternative performance measures that are not required by or presented in accordance with IFRS. These non-IFRS measures may not be comparable to other similarly titles measures of other entities and should not be considered in isolation or as a substitute for the Company's operating results as reported under IFRS. Definitions and calculations of alternative performance measures are presented in the Company's interim reports.

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1 Company profile

2 Leading expedition travel company focusing on sustainable expedition cruising

Unparalleled commitment to An inspiring global brand Digital ownership of guests sustainability and to enhancing synonymous with experience-focused seeking authentic and unique travel local communities travel on sea and land experiences

Unique land offerings that Global operational excellence; Able to A premium product with world operate safely and at scale in enhance and differentiate our cruise leading experts and the best local food sailings all areas of the world and beverages

3 Global leader in cruise-based exploration and adventure travel with strong financial performance pre Covid-19 (As of Q1 2020)

Exploration and adventure travel – high growth and margin businesses

Expedition Norwegian Coast Landbased Government agreement4 A B C D Honningsvåg

Hammerfest Vardø Expedition-based cruises to the Arctic, Authentic exploration cruise offering along the Landbased operations at Svalbard and in Vadsø Contract with the NorwegianTromsø governmentKirkenes for Antarctica, North America and South America Norwegian coast Kirkenes, including hotels and activities transportationRisøyhamn of travelers and cargo Harstad Svolvær Bodø Øres

Brønnøysund

Kristiansund Torvik Trondheim Molde Måløy Ålesund Routes Bergen Ports

CAGR 17-Q120 LTM 35.4% 2.6% -4.4% 1.8%

1 4% Expedition expected to account 5% 12% 27% for ~50% of capacity in 2021. Segment with >100% higher gross revenue yield compared 56%

to Norwegian Coast historically2 Q1 2020 LTM 2020 Q1

EUR 170m EUR 352m3 EUR 28m EUR 75m Revenue contributionRevenue

EURm 2017 2018 2019 Q1 2020 LTM Revenue 527 566 619 630 EBITDA excl. gains/losses (Norm.)5,6 107 128 145 145 % Margin (adjusted) 20.3% 22.6% 23.8% 23.0%

Note: All numbers presented are based on Hurtigruten Group AS on a consolidated basis 1) Figures shown before internal eliminations of EUR 1m 2) Gross revenue yield excluding government contract. Defined as (Total revenue – Contractual revenues – Goods revenues) / Passenger cruise nights 3) Excluding revenue from the Government agreement (contractual revenue and goods revenues) 4 4) Exclusive, fixed fee contract with the Norwegian Government for transportation of distance travelers and cargo between Bergen in the south of Norway and Kirkenes in the north, with 33 northbound and 32 southbound departures (i.e. 34 ports served along the coast in total) 7 days a week, 365 days a year with 11 vessels (expires end of 2020) – reported under Norwegian Coast segment 5) Normalisations and adjustments of,EUR 19m, 5m, 22m and 17m in 2017, 2018, 2019 and Q1 2020 LTM, respectively. Further details about normalisations and adjustments are provided on page 32 6) In 2018, 2019 and 2020, leasing contracts are booked in accordance with IFRS 16. 2016-2017 not restated We entered 2020 with a history of strong growth en-route for EBITDA >EUR 200m pre Covid-19 with two state of the art vessels just delivered

Consistent positive normalised adjusted EBITDA improvement pre Covid-191 Clear bridge to achieve EBITDA >EUR 200m in 2020 pre Covid-192

EURm EURm

160 220 LTM normalised adjusted EBITDA EUR 150m LTM reported EBITDA before other gains/losses 150 207 CAGR 18% 140 200

130

120 180

110

100 160

150 90

80 140 LTM Feb Government Full year RA Full year FN Project ECO SG&A increase Pf norm adj 2020 norm agreement fixed contribution contribution EBITDA adj EBITDA

• Consistent upward trajectory leading into Covid-19 • The uplift is mainly explained by full year earnings contribution from Amundsen and Nansen • LTM February 2020 EBITDA at all time high with EUR 150m • ~80% of the budgeted group revenues for 2020 were pre-booked as of 1 March 2020, up from ~60% in January 2020

1) As of 1st of January 2020 Hurtigruten is changing functional and reporting currency to EUR. LTM graph is based on last three years reported numbers and normalization as if the functional and reporting currency was EUR for the period 2017 to YE 2019 in accordance with IFRS 5 2) Numbers are converted from NOK to EUR using a EUR/NOK exchange rate of 9.8500 which was the basis of the 2020 budget Capacity deployment from 2021 and onwards to be split 50/50 between Expedition and Norwegian Coast

2020 year end 2021 Estimated available passenger cruise nights per segment

Norwegian Coast Expedition Available passenger cruise nights (thousands) Expedition Norwegian Coast Expedition segment expected to constitute more than half of total capacity from 2021 and onwards. With the higher yield per PCN this is expected to drive topline and EBITDA growth when travelling resumes MS Vesterålen MS Lofoten1 MS Fram MS Vesterålen 85% 15% 81% 19% post Covid-19 MS Spitsbergen

1 619 1 649 341 552 MS Nordnorge MS Trollfjord MS Nordstjernen2 MS Maud MS Nordnorge (MS Maud) (MS Trollfjord) 45% 55% 37% 63%

1 059 1 062 1 080 MS Nordkapp MS Finnmarken MS Eirik Raude MS Nordkapp (MS Otto Sverdrup) (MS Midnatsol) 943

MS Polarlys MS Spitsbergen MS Otto Sverdrup MS Polarlys (MS Finnmarken) 489

288

MS Richard With MS Midnatsol MS Fram MS Richard With (MS Eirik Raude) 2019 2020e 2021e 2022e

3 MS Nordlys MS Fridtjof Nansen MS Fridtjof Nansen MS Nordlys 1 907 2 128 2 121 2 023

Norwegian Coast Expedition Total available passenger cruise nights

MS Kong Harald MS Roald Amundsen MS Roald Amundsen MS Kong Harald % of total available passenger cruise nights Yield based on gross booking revenue (EUR) Note that yield based on booking figures does not include all revenue streams (such as e.g. 1) Will be taken out of service in December 2020 onboard spending) and can not be compared to yield calculated based on reported figures 2) Time charter used for Svalbard cruises 3) APCN reduced due to expected LNG docking of MS Kong Harald 6 Sustainability is at the core of Hurtigruten’s way of operating Several tangible initiatives to leave a footprint that our company and our guests can be proud of and to achieve the 2040 zero emission target

Member/partner of climate/polar organisations and initiatives • First major travel company in the world and first cruise line to remove single- use plastic from all its ships and hotels • On track to reduce plastic waste by 32 tons annually

• Advocates for a total ban on HFO1 – has used MGO/MSD1 since 2009 • Have built the world’s first hybrid-electric powered expedition cruise ships • Will retrofit several ships with LNG propulsion, also compatible with climate- neutral biogas, paving the way for low emission shipping on all routes

• Takes an active role to reach zero emission target by 2040 through investing in R&D of fossil-free fuel alternatives UN Sustainable Development Goals interrelated in the core of our operations and governance system2

• Arranges beach clean-ups and climate lectures to raise awareness • Invites all guests to join crew members picking up litter at all destinations where this is possible

Examples: • Focuses on minimising food waste • Dedicated to enhancing local communities – sources food and “All employees of Hurtigruten shall be given equal services/activities from local suppliers opportunities for employment and professional development, regardless of their gender, ethnic and cultural background, • Has established Hurtigruten Foundation to support great sustainability religion, age, sexual orientation, functional ability, and Hurtigruten Hurtigruten apioneersustainability iswithin industry cruise the initiatives political view” • Conserving the world’s polar bear population, fighting against marine and HRG gender equality policy plastic pollution and supporting local initiatives excerpt

1) HFO = Heavy fuel oil, MGO = Marine gas oil, MSD = Marine special distillate 2) Selected UN Goals 7 Well positioned for the rebound when travel resume in 2021 through fleet size, distribution platform, brand recognition and digital customer ownership

Fleet size Distribution platform Brand recognition Digital and customer ownership

Large and flexible fleet…. Local distribution teams on the ground in key Unique, powerful and well-known brand Hurtigruten is investing in digital development in markets… order to strengthen customer ownership and Hurtigruten brand awareness3 reduce the future customer acquisition cost Unique, purpose-built and versatile fleet

91% How Hurtigruten creates customer ownership: 93% Identify customers and capture contact information Vessels 84% ⚫ Resilient customer database where insight regarding guests is connected 84% 16 ⚫ Previous trips, preferences, excursions, feedback, etc. 59% 59% …with leading position in the expedition …driving sales in all regions Provide a seamless customer journey from inspiration to booking market and a unique 500 pax offering 43% ⚫ New B2B portal aimed at strengthening relationships with agents 1 2 45% Expedition cruise market capacity in 2021 (# of berths) 2021 booked revenue by geography ⚫ Significant investments in B2C sites tailored to each of the main markets 9%

3 670 3 10% 8% Provide value-added services while travelling

⚫ Guests get access to value-added services, incentivising 2 462 2 DE 6% Increasing awareness in customer to self-register and add details of previous trips 6%

EMEA US – large remaining ⚫ Hurtigruten App, MyPage, Expedition Logbooks, etc. 1 105 1

972 22%

854 43% 746 714 potential for increased

552 FR 420 406 4% NO awareness in growth 4% markets UK Inspire and sell next trip

Lloyd ⚫

- Provide inspiration and offers for future trips through a Quark US

Ponant 8% 3% combination of channels (e.g. app, e-mail, onboard screens)

Lindblad

Australis

Silversea UnCruise Seabourn 4% 2018 2019 Oceanwide ⚫ Analytics and algorithms to build targeted offers and

Hurtigruten, 5%

Hapag 7%

CIN CIN definition communication

Source: Cruise Industry News – 2019 Expedition Market Report 1) Scenic is excluded due to uncertainty with regards to delivery of Scenic Eclipse II as the yard is in financial distress 2) Port-to-port included in Nordic. As of 13 January 2020 3) Question: Which of the following exploration/adventure/expedition cruise companies are you aware of? N = 2 500 8 Majority of customer base in Northern Europe provides a good foundation for a swift rebound post Covid – 19 Northern Europeans have multiple options when planning a voyage with Hurtigruten due to favourable location and communication

Hurtigruten is well positioned to bounce back quickly post Covid-19 with its customer base and key itineraries centered around Northern Europe Direct flights and other transportation alternatives

⚫ With Covid-19 guidelines still restricting international travel in most Northern Direct flights from large cities in Europe to Bergen European countries, non-diversified cruise lines dependent on passengers from all corners of the world are experiencing extraordinary hardship Northern Europe is both a London - Bergen destination and core source ⚫ Hurtigruten is relatively well-positioned in the cruise segment, with a majority market to Hurtigruten of the customer base located in Northern Europe – in close proximity to the Hamburg - Bergen itineraries + 40 other cities

⚫ When restrictions are gradually lifted all over Europe, domestic travel within European cities where the European Union and Norway is expected to surge Hurtigruten has turn around

⚫ Direct flights from large European cities to Bergen greatly enhances the London/Dover attractiveness of Hurtigruten as a travel destination Hamburg ⚫ Starting sailing with Dover and Hamburg as turnaround ports to cater for close proximity for these markets to embark the ship.

⚫ Hurtigruten is monitoring the development of the Covid-19 pandemic Share of European guest in pre Covid 19 2020 continuously and evaluate whether or not we are of the opinion that it is safe bookings to sail Germany – 41%

UK – 17%

Direct flight Nordics – 20% European port Rest of Europe – 12%

9 1

Business Update 1H 2020

10 1H 2020 Update

The Covid-19 pandemic has temporarily decreased the level of travel and the cruise-based travel industry has more or less laid up their fleet until Q4 2020

Hurtigruten started operating the Coastal segment on the 16th of June and is now currently operating 6 ships in the Bergen to Kirkenes service. Hurtigruten initiated Expedition sailings with the first cruise starting out of Hamburg on the 24th of June cruising along the Norwegian coast before returning to Hamburg

Hurtigruten has temporarily paused all expedition cruises until the start of the 2020 Antarctica season due to the increased level of Covid-19 infections in Europe and the Covid-19 case on MS Roald Amundsen in the beginning of August

The Antarctica season for Q4 2020 and Q1 2021 is currently under review in light of the recent surges in infection levels of Covid-19 in Europe and the operating environment in South America. The safety of our crew and guests will always be our top priority

The liquidity situation of Hurtigruten is good, as of 30th of June Hurtigruten had a liquidity position of EUR 174 million of cash and cash equivalents and another EUR 32 million in expected and committed Covid-19 government backed loans and grants

Pre-booking levels for 2021 are developing according to planned booking curves with demand coming from Q2 2021 and onwards. There is no sign of increased level of cancellations after the MS Roald Amundsen incident

11 Key operational and financial considerations under Covid-19

I ⚫ Hurtigruten has introduced enhanced health and safety procedures which has received great Safe operations under a feedback from our guest new environment ⚫ Expedition cruising can be offered under a new operating environment without jeopardizing the experience

II Execution of a funding ⚫ Raised additional EUR 105 million in funding in June 2020 that increased the financial flexibility plan to ensure sufficient ⚫ Deferral of EUR 160 million of non critical capex for the period Q2 2020 to Q4 2021 liquidity through the Covid-19 crisis ⚫ Temporary suspension of leverage ratio covenants in the RCF to the end of 2021

⚫ The demand for the Expedition cruise product is still present with bookings for 2021 developing III according to the revised plan Demand for expedition ⚫ Good interest for sailings starting in Q2 2021 and onwards with no visible effect from the MS cruises are still there Roald Amundsen incident

⚫ Normalisation of global travel patterns expected in 2H of 2021 with Hurtigruten positioned for earlier ramp up with key source markets close by like Germany, UK and the Nordics

12 Strong customer satisfaction after start-up of operations shows the appreciation from our guests with regards to the product

Monthly NPS Score1

Net promoter score (NPS)

Suspended operations

85 81 82 80 76 76 76 75 75 72 70 69 70

65 62 60 59

50 47 45

0 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20

1) Net Promoter Score calculated by scores from customers travelling on an expedition cruise or on coastal voyage (costal voyage = 6 or more cruise nights). NPS score includes the MS Roald Amundsen sailings in July 2020 13 Source: Hurtigruten, Facebook Strong customer satisfaction supports robust booking development for 2021, with current 2021 bookings 7% higher compared to same time last year for the period Q2-Q4 2021

Booking status as of 4th of September 2020 (EURm)1 Comments

78 80 67 2020 ⚫ The booking level for Q2-Q4 is 7 % higher compared to same time last year 58 57 60 60 53 2021 ⚫ 80% of the bookings for 2021 is cash bookings and 20% is voucher bookings Bookings for 40 29 26 ⚫ Approx. EUR 35 million in vouchers which represents EUR 60 million in gross next year 20 booking value not yet rebooked to a 2021 sailing 0 Q1 Q2 Q3 Q4

15 ⚫ Inflow over the last 30 days is lower compared to same period last year driven 2020 11 10 postponement of early bird campaign in Germany to October 10 8 7 2021 Booking inflow 6 ⚫ The recent increase in infections rates across Europe and in Norway is affecting 5 3 4 last thirty days new bookings for 2021 0 ⚫ No increase in cancellations compared to same period last year for the period Q2- -2 -5 Q4 2021 Q1 Q2 Q3 Q4

15 2021 10 11 2022 2021 and 2022 10 ⚫ We are seeing an increased booking inflow for 2022 driven by interest especially in booking and Q1 2022 5 4 inflow 2 ⚫ We are launching the rest of the 2022 season this fall 0 Bookings Last 30 days Gross yield trending higher on all ships for 2021, particularly with expedition ships

Amundsen class vessels Coastal Norway Expediton (Millenium class)

’20 / ’21 EUR 561 / 603 +7% EUR 289 / 341 EUR 328 / 407 +24% EUR per PCN +18% Vesterålen, Nordlys, Nordkapp, Richard With, Ships Roald Amundsen, Fridtjof Nansen Midnatsol, Finnmarken, Trollfjord 14 Polarlys, Kong Harald, Nord Norge 2

Key Financials

15 1H and Q2 numbers significantly impacted by Covid-19

Reported Total Revenue (EURt) Normalised Adjusted EBITDA1 (EURt) Reported EBITDA (EURt)

Margin 28 % -13 % 22 % 9 % 25 % -35 % 19 % 5 % (%)

54,194 64,418 283,511 38,497 44,701 171,526 154,082 8,764 15,255

31,352 -11,048 -3,975 Q2 2019 Q2 2020 First half First half Q2 2019 Q2 2020 First half First half Q2 2019 Q2 2020 First half First half 2019 2020 2019 2020 2019 2020

• Revenue in the first half of 2020 down 39.5% to EUR 171.5 million. Total reported EBITDA in first half of 2020 decreased with EUR 45.4 million (83.8%) to EUR 8,8 million compared to same period last year.

• Main revenue items in Q2 2020 are revenue generated from sailings in June 2020 and contractual revenues from the Norwegian state agreement.

• Group revenue decrease by EUR 79.7% to EUR 31.3 million in the second quarter of 2020 compared to Q2 2019

1) Normalized adjusted EBITDA is calculated as Reported EBITDA excluding other gains and losses adjusted for cost and revenue items which is deemed extraordinary, exceptional, unusual or non-recurring. Due to the Covid-19 pandemic we have decided not to do any normalizations for Q2 2020. Solid cash position at the end of June 2020

EURt 2018 2019 First half 2020 Q2 2020 Commentary

⚫ Negative cash flow in Q2 of EUR 30.5m mainly driven by working capital 105 196 141 425 9 559 (30 597) Operating Cash flow items (16 779) 13 147 (15 966) (31 408) 1 Of which change in working capital ⚫ Levels of prepayments for future travel was kept stable due to a combination of inflow of new cash bookings and relative low level of refund claims (136 775) (396 575) (92 593) (20 102) Cash flow from investments ⚫ Change in working capital mainly driven by chew up of payables and (34 305) (405 380) (86 632) (12 616) accrued expenses as operations was temporary seized in March Of which CAPEX

⚫ Decrease in investment level in current half year is due to the construction of both MS Roald Amundsen MS Fridtjof Nansen in 2019, with no similar 38 122 251 933 214 607 92 117 Cash flow from Financing event in second quarter 2020. 98 651 290 091 250 257 102 593 Of which change in debt ⚫ In June Hurtigruten raised an additional TLB of EUR 105 million to improve (59 662) (32 487) (33 331) (9 753) the liquidity position of the company. Of which paid interest and transaction costs

Note: All numbers presented are based on Hurtigruten Group AS on a consolidated basis. 1) Change in working capital calculated as Inventories + Receivables – Pre bookings and Payables. 17 Net cash burn rate of EUR 10 million per month in Q2 2020 before working capital

Net expenses of ~EUR 9.9 million per month following reduction measures Comments

⚫ Reduction in Cruise operating expenses in EURm 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 1516 17 18 19 the range of 58% compared to baseline ⚫ ~58% reduction in Cruise operating expenses compared to normal operations operations. ⚫ Marketing reduced to a minimum, only critical personnel remains, consultants OPEX 11.9 stopped ⚫ Fuel costs reduced to minimum during harbor, R&M postponed, port costs reduced ⚫ Revenue from the Public Service contract ⚫ Total revenues of EUR 10.5 million per month, Including EUR 6.4 million in with the Norwegian Government,sailings Revenues 10.5 contractual revenues. Contractual revenues to be received also for warm-stacked vessels in 2020 that was resumed in June and the Covid- 19 grant from the Norwegian Government ⚫ ~EUR 0.9 million amortization BB charter 1,4 ⚫ ~EUR 0.5 million interest

6.6 ⚫ EUR 10 million monthly cash burn including BB charters in Q2 2020, pre Net opex 2.8 ⚫ Monthly average cash expense in Q2 2020 working capital changes

⚫ Interest on TLB, Explorer II bond and RCF paid semi annually, August and February. Svalbard/Kirkenes facilities paid quarterly Debt service 2.9 2.9 ⚫ ~EUR 0.1 million amortization ~EUR 2.8 million interest ⚫ Working capital outflow driven by 9.0 payables, accrued expenses and refund payments as operations was temporary

Capex 4.2 ⚫ Among others docking of MS Fram and MS Roald Amundsen suspended in March Q2 Monthly expensescash Monthly Q2 average

Net 9.9 expenses ⚫ Monthly average expense in Q2 2020 ⚫ Approx. EUR 20 million in refund claims paid YTD

Change in 8.5 8.5⚫ Change in working capital per month in Q2 2020 working capital

18 Net debt as of Q2 2020

NIBD (EURm)1 Change in net interest bearing debt – YE 2019 to end Q2-20 EURm 1.057 Debt elements Cash elements 84 93 10 215 940 40 1 057 244 5

940 645 Increase in total cash, (EURm) incl. restricted: Change in RCF 44 EUR127m 643 New TLC 95 New Explorer II bond 295 95 ECA loan repaid -245 RW & NL lease 56 TLB; change in balance of amort. fees 2 0 295 Change in Svalbard loans -1 MS Spitsbergen Sale Leaseback -2 245 0 0 43 Kirkenes DNB Transje A & B 0 45 2 56 2 Change in interest bearing debt 244 11 10 47 Of which FX effects 1 174

31-Dec-19 30-Jun-20

RCF RW / N Lease Term Loan B Svalbard loans NIBD YE 2019 Change in Net CF from Net CF from Net CF from FX effects on NIBD per interest Operating Investment Financing cash elements end Q2-20 Term Loan C Kirkenes loans bearing debt activities activities activities Explorer II ECA Cash Explorer II Bond Spitsbergen Lease

Note: All numbers presented are book value and based on Hurtigruten Group AS on a consolidated basis. 19 1) Excluding IFRS 16 debt of EUR 17m at year-end 2019 and EUR 14m at end of Q2 2020. 3

Summary and Outlook

20 Summary

⚫ Hurtigruten’s differentiated destinations in regions with low level of infections and small ship focus position us I Hurtigruten will have a good well as the cruise industry emerges from Covid-19 position coming out of the ⚫ Key source markets in Northern Europe are close to the key destinations we are sailing to crisis ⚫ Hurtigruten has operated 6 ships over the last 3 months in the Coastal segment with the ability to test post Covid-19 operating procedures

⚫ Swift execution of firm wide cost cutting program and postponement of non critical capex

II ⚫ Raised additional EUR 105m in funding in June 2020 and have as of 30th of July a liquidity position of EUR Hurtigruten has a solid 195 million liquidity position ⚫ Lower level of refund claims in % of prepayments of cancelled sailings compared to industry average

⚫ Average monthly cash burn (before customer refunds and working capital) in current environment of EUR in the range of EUR 12-15 before working capital items

III ⚫ Hurtigruten is relatively well-positioned in the cruise segment, with a majority of the customer base located in Northern Europe – in close proximity to the routes- as restrictions are gradually lifted all over Europe, Pent up demand for travel domestic travel within the European Union and Norway is expected to surge experiences post Covid-19 ⚫ 2021 Pre-booking levels for 2021 are developing according to planned booking curves with demand coming from Q2 2021 and onwards

21 Appendix

22 Suspended operations due to COVID-19 affects 1H and Q2 numbers

Commentary CAGR: 7% 608 815 Reported Total 566 174 ⚫ Suspended operations for both coastal and Expedition segment due to 527 094 496 829 Revenue Covid-19 affects numbers for Q2 2020 significantly. (EURt) ⚫ Hurtigruten temporarily suspended most of the operations from 18th March. 2 out of 16 ships was kept in operation on a shortened route in Northern Norway serving local communities with freight and local transport services. 2017 2018 2019 Q2 2020 LTM

⚫ There was underlying growth in January and February driven both by the inclusion of MS Roald Amundsen to the expedition fleet, giving an CAGR: 17% 144 989 increased capacity, as well as a significant growth in yield in both the Normalised Adj. 128 171 Expedition and Coastal segment before the Covid-19 pandemic broke EBITDA 106 790 95 826 out in March. (EURt)1

2017 2018 2019 Q2 2020 LTM

CAGR: 18%

Reported 123 168 123 169 EBITDA 87 877 (EURt) 77 739

2017 2018 2019 Q2 2020 LTM

Net Ticket Yield1 (EUR) Occupancy Rate4 (%)

-21% 221 87% 85% 191 191 175

32%

Q2 2019 Q2 2020 First half 2019 First half 2020 Q2 2019 Q2 2020 First half 2019 First half 2020

Net Ticket Revenue (EURt) Normalised adjusted EBITDA 2,3 (EURt)

Margin 51 % 513 % 47 % 60 % 129,709 (%) 87,285

78,178 55,984 -95% 47,388 38,489

11,553 3,719 Q2 2019 Q2 2020 First half 2019 First half 2020 Q2 2019 Q2 2020 First half 2019 First half 2020

• Stable Net Ticket Yield when comparing first half of 2020 to the same period last year. Net Ticket Yield decreased by 21% in Q2 2020 compared to Q2 2019.

• Decreased occupancy in first half of 2020 driven by Covid-19, with a small-scale start-up of operations on 16th of June. Only 2 ships sailing between Bodø and Kirkenes until 16th of June, mainly for local transportation and freight to communities in the north of Norway. Remaining ships have been warm stacked.

• Significant drop in Net Ticket revenue and normalized adjusted EBITDA due to suspension of operations.

1) Net Ticket Yield is defined as Net ticket revenues per PCN. 24 2) SG&A not allocated on segment level. 3) Normalized adjusted EBITDA is calculated as Reported EBITDA excluding other gains and losses adjusted for cost and revenue items which is deemed extraordinary, exceptional, unusual or non-recurring. Due to the Covid-19 pandemic we have decided not to do any normalizations for Q2 2020. 4) Occupancy rate is calculated based on APCN (available capacity) including any laid-up period. In 2020, due to the Covid-19 pandemic, the majority of the ships were in warm-stack since the middle of March. Adjusting APCN for the laid-up period caused by the Covid-19 pandemic, including only the available capacity on the actual sailings, the occupancy rate was 26.9% for Q2 2020 and 61.5% for 1H 2020. 1H and Q2 2020 segment overview – Expedition

Net Ticket Yield1 (EUR) Occupancy Rate4 (%) 73% 447 390 360

52%

30%

0% -934 Q2 2019 Q2 2020 First half 2019 First half 2020 Q2 2019 Q2 2020 First half 2019 First half 2020 Net Ticket Revenue (EURt) Normalised adjusted EBITDA 2,3 (EURt) Margin 26 % 35596 % 33 % 15 % 35,411 (%) 15,840 28,208 7,665 5,996

10,475

-712 -10,812 Q2 2019 Q2 2020 First half 2019 First half 2020 Q2 2019 Q2 2020 First half 2019 First half 2020

• Operations in the expedition segment was reduced to a minimum in Q2 2020 as all expedition sailings were suspended, but operations were partly resumed again in end of June with MS Fridtjof Nansen sailing from Hamburg to the Norwegian Coast.

• For the first half of 2020, revenues were up 23.2% from EUR 40.9 million to EUR 50.4 million despite the Covid-19 pandemic. This is due to the inclusion of MS Roald Amundsen in second half of 2019. Net ticket revenue for the first half year was up 25.5% from last year to EUR 35.4 million.

1) Net Ticket Yield is defined as Net ticket revenues per PCN. 25 2) SG&A not allocated on segment level. 3) Normalized adjusted EBITDA is calculated as Reported EBITDA excluding other gains and losses adjusted for cost and revenue items which is deemed extraordinary, exceptional, unusual or non-recurring. Due to the Covid-19 pandemic we have decided not to do any normalizations for Q2 2020. 4) Occupancy rate is calculated based on APCN (available capacity) including any laid-up period. In 2020, due to the Covid-19 pandemic, the majority of the ships were in warm-stack since the middle of March. Adjusting APCN for the laid-up period caused by the Covid-19 pandemic, including only the available capacity on the actual sailings, the occupancy rate was 26.9% for Q2 2020 and 61.5% for 1H 2020. Historical key financials

EURt P&L items 2017 2018 2019 Q2 2020 LTM Revenue 527 094 566 174 608 815 496 829 Growth 11,9 % 7,4 % 7,5 % -18,4 % 1 Contribution 187 415 204 427 234 987 185 402 Contribution % 35,6 % 36,1 % 38,6 % 37,3 % EBITDA 87 877 123 168 123 169 77 739 EBITDA margin 16,7 % 21,8 % 20,2 % 15,6 % 2 Normalised adj. EBITDA 106 790 128 171 144 989 95 826 Normalised adj. EBITDA margin 20 % 23 % 0 % 0 % EBIT 36 416 72 538 67 582 18 972 EBIT margin 6,9 % 12,8 % 11,1 % 3,8 % Net interest and other financial costs (53 644) (52 929) (28 239) (46 401) Net currency gains / losses (37 003) (13 511) 9 793 (18 706) Net income (56 935) 46 845 (17 821) (45 874) Net income margin -10,8 % 8,3 % -2,9 % -9,2 %

BS items 31.12.2017 31.12.2018 31.12.2019 30.06.2020 3 Cash 44 633 56 449 47 028 173 733 Total current assets 101 674 118 143 112 878 232 715 Total assets 838 069 1 011 173 1 393 674 1 484 995 Total equity 53 511 68 981 62 739 (17 965) Equity ratio 6,4 % 6,8 % 4,5 % -1,2 % 4 Total current liabilities 709 488 188 591 333 475 231 458 5 NIBD 543 110 785 948 939 715 1 056 711

CF items 2017 2018 2019 Q2 2020 Change in NWC (3 793) (16 779) 13 147 (31 408) Operating cash flow 95 477 105 196 (396 575) 30 597 Capex (37 368) (34 305) (405 380) (12 616)

Note: All numbers presented are based on Hurtigruten Group AS on a consolidated basis. All numbers are reported numbers unless stated. 1) Vessel contribution is defined as EBITDA contribution before SG&A, specifically calculated as revenue – total direct costs – total cruise operating expenses, 2) Refer to detailed breakdown of the adjustment on page [57], 3) Total cash including restricted cash, 4) The bond in the amount of EUR 455m, and the multicurrency revolving credit Facility in the amount of NOK 779m were refinanced in February 2018, and as such were classified as current liabilities at 31 December 2017, 5) Book value of debt excluding IFRS 16 debt. IFRS 16 debt was EUR 17m at year-end 2019 and EUR 14m at end of Q2 2020, 6) Calculated as (Reported EBITDA – Maintenance Capex) / Reported EBITDA. 26 Norwegian Coast segment – Key financials

EURm 2017 2018 2019 LTM Q2 2020

PCNs - 000 1 249 1 353 1 314 884 APCNs - 000 1 646 1 614 1 619 1 594 Occupancy - % 75,9 % 83,8 % 81,2 % 55,5 %

Total Revenues reported 444 439 444 324 Of which: Contractual Revenue 72 73 73 76

Direct Costs 102 109 105 66 Cruise Operating Costs 159 166 164 132 of which: Fuel costs 42 50 50 38

Reported Vessel Contribution1 150 164 175 126 Vessel contribution margin 33,7 % 37,3 % 39,4 % 39,0 % Norm. Vessel contribution2 152 164 177 176

• All time high revenue and contribution from Norwegian Coast segment in 2019, driven by strong occupancy, stable PCN and positive yield development

• Revenue growth of 1.1% from 2018 to 2019

• - Q2 LTM show a negative trend due to significant drop in revenue in Q2 2020 driven by Covid-19.

• Increase in contractual revenue by 4 % from 2019 to LTM Q2 2020.

• Vessel contribution margin remains stable due to cost savings. 13 ships have been warm-stacket until June 16th due to Covid-19. Actual warm stack cost excluding passenger costs for Q2 was approx. EUR 2.32 million per month for the 9 ships in the Coastal fleet.

1) Vessel contribution is defined as EBITDA contribution before SG&A, specifically calculated as revenue – total direct costs – total cruise operating expenses. 2) Due to the Covid-19 pandemic we have decided not to do any normalizations for Q2 2020.

27 Expedition segment – Key financials

EURm 2017 2018 2019 LTM Q2 2020

PCNs - 000 155 167 222 223 APCNs - 000 228 231 288 445 Occupancy - % 68,0 % 72,1 % 77,0 % 50,0 %

Total Revenues reported 86 97 135 145

Direct Costs 26 34 43 45 Cruise Operating Costs 32 34 45 58 of which: Fuel costs 7 8 11 13

Reported Vessel Contribution1 27 30 48 42 Vessel contribution margin 31,8 % 30,4 % 35,3 % 28,9 % Norm. Vessel contribution2 27 35 56 48

⚫ Strong performance in the Expedition segment with revenue growth of 7.4 % from 2019 to Q2 2020 LTM, driven by both PCN and yield growth, despite negative Covid-19 effects.

⚫ Decreased occupancy due to travel restrictions.

⚫ Prior to Q2 2020 there was a strong utilisation on the Antarctica sailings and in the segment in general, which is expected to continue when operations are starting up.

⚫ The performance of the Expedition segment in 2020 will depend on the development of the pandemic and when we will be able to resume operations

⚫ Passenger cruise nights (“PCNs”), measurement of guest volume, representing the number of guests onboard the ships and the length of their stay.

⚫ Available passenger cruise nights (“APCNs”), which is a measurement of capacity and represents the aggregate number of available berths on each of the ships (assuming double occupancy per cabin), multiplied by the number of operating days for sale for the relevant ship for the period.

⚫ Occupancy rate, PCNs for the relevant period as a percentage of APCNs for the period.

⚫ Gross revenues, ticket revenues, revenues from flights, hotels, transportation, food, beverage, shop and excursions as well as other passenger revenues, including car transportation, travel insurance and retained deposits in cases of cancellations.

⚫ Net revenues, Gross ticket revenues less commissions and costs of goods for flights, hotels, transportation, food, beverage, shop and excursions as well as other passenger services, including travel insurance.

⚫ Gross revenues per PCN, Gross ticket revenues divided by PCNs.

⚫ Net revenues per PCN, which represents Net ticket revenues divided by PCNs.

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