Novaturas earned profit of EUR 2.6 mln. in the last quarter and improved its forecasted annual results

According to unaudited data, Novaturas Group recorded revenue growth and profit in the last quarter of 2024. Between October and December, the company generated revenues of EUR 48 mln., which is an increase of 16.6% compared to the corresponding period of the previous year. The net operating profit of the company was positive at EUR 2.6 mln. compared to a loss of EUR 3 mln. in the fourth quarter of 2023. The EBITDA for October–December accounts for EUR 3.3 mln. (compared to EUR -1.5 mln. in Q4 2023).

In total, between January and December 2024, the company generated revenues of EUR 201 mln. This represents a decrease of 3.6% compared to 2023, when revenues amounted to EUR 208 mln. However, the more successful last quarter has allowed Novaturas to improve its forecasted overall financial results for 2024.

The company reminds that it had forecasted an annual EBITDA of EUR -4.1 mln. and a net loss of EUR 5.1 mln. However, after a profitable start of autumn, Novaturas improved its forecast to an EBITDA of EUR -2 mln. and a net loss of EUR 3.4 mln. The end of the year was even more successful with an EBITDA of EUR -863 thsnd. and a net loss of EUR 2,5 mln. EUR.

"The results of the last quarter of the year show that our optimisation of the travel programme has been effective. By assessing the market situation and customer preferences, we have adjusted our offering accordingly during the year and thus managed to work more efficiently. This has contributed to a higher load factor of 98.9% in the fourth quarter compared to 96.7% in 2023. In addition, the share of last-minute trips in sales, which usually has a negative impact on financial results, has also decreased significantly. Decisive and measured decisions, with focus on delivering a good customer experience, allowed us to increase revenues and operate profitably in the fourth quarter,” said Kristijonas Kaikaris, CEO of Novaturas Group.

According to him, the overall result for the year was driven by the previously announced reasons, i.e. the increased competitive environment and the oversupply of travel in the Baltic States, which triggered intense price competition. This was particularly felt in Turkey and the Greek islands. In response, Novaturas has started to optimise its travel programme and to take advantage of the wide range of other travel destinations on offer. However, all changes to the trips have been made with a view to maintaining customer satisfaction and trust. In addition, optimisation opportunities were limited by commitments to partners and airlines.

"In the fourth quarter we have already applied the lessons learnt, which has enabled us to achieve a profit. In addition, based on this year’s experience and in order to be more flexible in risk management, we have planned the 2025 summer season and the 2025/2026 winter season accordingly,” comments Mr Kaikaris.

Popularity of trips to Spain and long-haul destinations on the rise
Between October and December, Novaturas served 47.6 thsnd. customers. This is slightly less than in the last quarter of 2023 (49 thsnd.). The most significant growth in the last quarter was observed in travels to distant destinations. Significantly more customers chose Novaturas for trips to Sri Lanka (Colombo, +368% compared to the period of October–December 2023), Bali (+236.4%), and Vietnam (+171%).

In total, in Lithuania, Latvia and Estonia, Novaturas served 239 thsnd. travellers in 2024. This compares to 259 thsnd. travellers in 2023.

The company reports the highest growth in the number of trips to Spain throughout 2024. Novaturas organised flights for 149% more passengers to the popular destinations of Malaga, Barcelona and Mallorca than in the year before last.

In addition, 8% more customers flew to long haul destinations last year. Among exotic destinations, the most popular were Vietnam (+367%), Phuket in Thailand (+23%), and Zanzibar in Tanzania (+21%). For long-haul trips, Novaturas also managed to achieve an extremely high load factor of 98.9%.

Other successful projects in 2024 included trips for groups and workation travel. In November, the company together with partners organised flights and provided accommodation to a record 2.5 thsnd. Tesonet Accelerator companies’ employees for a workation in Turkey. This massive group organised trip, the largest in Novaturas history, was organised using a fleet of 12 planes and 48 buses. 

Overall, last year, Turkey, Greece (Heraklion), Montenegro, Egypt, Cyprus and Portugal (Faro) were the most popular destinations for workation or other group trips, with sport and activity-oriented trips gaining popularity. The most popular destination for ski group trips was Italy (Bergamo).

Evaluating strategic alternatives and expecting to make a profit in 2025
At the end of January, the company announced that it had signed a contract with Superia, a financial advisory firm, for the analysis of strategic alternatives, which is currently being conducted. The company is taking this step to assess new growth paths and market potential that could help strengthen the position of Novaturas.

At this stage, Novaturas Group forecasts serving 170-190 thsnd. passengers in the Baltic States and generating revenues of EUR 150-170 mln. in 2025. The company also aims to achieve an EBITDA of EUR 3 million and a net profit of EUR 2 million this year.

Performance of Novaturas Group for the year 2024 (EUR 000's): 

Financial indicators	2024	2023	2022
Revenue	200 837	208 331	196 676
Gross profit	20 231	26 260	18 793
EBITDA	(863)	5 274	35
Net profit (loss)	(2 514)	3 405	(1 017)

About the company?
Novaturas Group is the only local charter tour operator in the Baltic States with more than 25 years of experience. The company offers summer and winter recreational, sightseeing, exotic, skiing, workation and group trips to many destinations worldwide. According to unaudited data, in 2024, Novaturas Group recorded revenues of EUR 201 mln. and served 239 thsnd. passengers in Lithuania, Latvia and Estonia.

Darius Undzenas
CFO
+370 678 05749

Attachment

• Novaturas Group FS 2024 12M EN (1)