Acquisition of HX Expeditions Completes, with Significant Investment to Accelerate Growth and Innovation

• Consortium of Investors and New Capital Injection to Help Deliver HX’s Exciting Global Growth Strategy
• Transaction Represents a Major Milestone for HX as the Global Leader in Expedition Cruises

LONDON – 12 February 2025 – HX Expeditions Holdings Ltd (the “Company”, together with its subsidiaries, “HX”) today announces the completion of its acquisition by a consortium of investors (“the Consortium”). It marks the final stage of the separation of HX from Hurtigruten Group AS (together with its subsidiaries, “HRN”) and includes approximately EUR 140 million of new junior funding for HX to support new growth and destination opportunities.

The investment by the Consortium – led by Arini Capital Management, Cyrus Capital Partners and Tresidor Investment Management – is pivotal to HX’s next phase of growth and innovation. The Company now has the resources to support the development of the business, allowing the Company to continue its investment in a fleet of industry-leading ships, while delivering the very best expedition cruises for its guests.

The Company will continue to benefit from the experience and leadership of Chief Executive Officer Gebhard Rainer, who is based in the Company’s new headquarters in London.

Gebhard Rainer, CEO of HX, said, “Today’s announcement is an important day in HX’s history as we continue our journey as a standalone company with the resources and strategic support to deliver on our next phase of growth and innovation, which will benefit our employees, guests and strategic partners. We look forward to exploring new growth opportunities around the globe and enhancing our industry-leading customer offering and creating the very best in mindful travel experiences."

Following the strategic changes implemented during 2024, growth continues to accelerate with 2025 bookings 14% higher year-over-year and 2026 bookings growing over 25% year-over-year on a constant fleet basis. We will continue to invest in the HX fleet, and we are pleased to confirm both MS Fram and MS Spitsbergen will receive material upgrades to cabins, suites, science centres and restaurant areas onboard in Q2 2025. This will further enhance our guests’ experiences on what are some of our most popular vessels.

James McArthur, Chief Financial Officer at HX, who has led the investment process for both HX and HRN said, “I am delighted that HX has emerged as a reinvigorated, standalone and well-capitalised business. I’d like to thank our new ownership group for their support and commitment to our plan thus far. I would also like to acknowledge the ongoing hard work of our dedicated HX teams around the globe, who are focused on providing the very best for our guests.”

Today’s transaction announcement will not affect HX customer bookings, employment terms, business partners or day-to-day operations.

Media requests and questions can be directed to HX (press@travelHX.com).