HX Hold Co’s second-quarter financial statement said conflict in the Middle East, US tariff announcements and wider market uncertainty had affected near-term demand. These pressures “may cast significant doubt” on the group’s ability to continue as a going concern.
However, the company also said there was a reasonable expectation that it would continue operating for the foreseeable future. HX secured approximately €22 million in additional investor capital during August.
Chief executive Gebhard Rainer said the company was experiencing “strong commercial momentum” after completing much of the work associated with its separation from Hurtigruten. HX became an independently owned business following a financial restructuring completed in February 2025.
Rainer said year-to-date bookings were more than 25 per cent ahead globally, including 24 per cent growth in Britain. Bookings following the launch of HX’s 2028–29 season were reportedly 57 per cent ahead of the comparable launch period a year earlier.
The figures are company-supplied and were not accompanied by absolute passenger numbers, revenue, profitability or cancellation data. Strong forward bookings also do not necessarily resolve immediate cash-flow pressures, particularly when some departures remain several years away.
The disclosure warrants attention but does not indicate that HX has stopped trading or cancelled its expedition programme. The company continues to sell Antarctic, Arctic, Galápagos and other voyages, including through the Australian market.
Sources: HX investor-relations reports ; Travel Weekly, 24 September 2026 .
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