Executive Overview
Tromsø Arctic Reindeer
ARC question: Responses to ARC's five diligence questions ahead of the meeting.
2025 Revenue
Actual113.6NOK m
2025 Accounting EBITDA
Actual27.9NOK m
2025 EBITDA incl. Polares add-back
Adjusted36.3NOK m
Normalised EBITDA (mgmt. view)
Estimate~40NOK m
2026 YTD Revenue
YTD82.7NOK m
2026 YTD Accounting EBITDA
YTD23.8NOK m
Revenue & EBITDA
NOK millions · management figures
Management summary
- Highly profitable reindeer tourism operation with strong direct demand and a defensible market position.
- Strong seasonal operating model with significant direct bookings and recurring operational infrastructure.
- Property and operational assets are partly separated through a group structure, providing asset protection and flexibility.
- Clear opportunities for strategic integration, operational scaling and cross-selling optimisation.
ARC diligence questions
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Figures shown are management figures based on the general ledger and are preliminary pending final statutory reconciliation and agreed normalisation methodology.