| Baltic tour operator Novaturas generated EUR 74 million in revenue in the first half of the year, according to unaudited results. Compared to H1 2024, revenue declined by 19%, mainly due to a streamlined travel program. This strategy, introduced to address last year s market oversupply, is already delivering results: net losses decreased from EUR 2.28 million to EUR 791 thousand. The company expects to operate profitably in the second half of the year, which should improve the overall annual result.
The first half results reflect the decisive steps we took to respond to the excess capacity we saw last year amid intensified market competition. We entered this summer season with an optimized travel program, which naturally reduced traveler volumes and revenue but brought us closer to our goal of returning Novaturas to sustainable profitability. We are seeing the results of this strategy: with a product offering better aligned to demand, last-minute sales which typically erode margins fell by around 20%, significantly reducing losses. We approach the second half of the year with cautious optimism, expecting the efficiency measures we ve implemented to enable profitable operations in the second half and will support a stronger full-year result, said Kristijonas Kaikaris, CEO of Novaturas.
Growth in Long-Haul Travel and Early Bookings
In January June 2025, Novaturas served a total of 84,000 travelers, down from 113,000 a year earlier, primarily due to its optimized travel program. However, this also improved operational efficiency and boosted aircraft load factor. Across the Baltic States the company achieved a load factor of 98,1% in H1 2025, up from 94.8% a year earlier. The Estonian market recorded the biggest improvement rising from 93.6% to 98.6%. Meanwhile, the majority of long-haul flights operated at full capacity (100% load factor).
Long-haul travel saw the most significant gains in H1 2025, with total passenger numbers up 11% year-on-year. Growth was especially strong in Lithuania, where the number of long-haul travelers increased by 28%. The faster-growing destinations included Vietnam (+76.5%), Cancun, Mexico (+38.3%), Colombo, Sri Lanka (+28.9%), and Zanzibar, Tanzania (+28.2%).
In the first half of the year, ski travel also posted solid gains, with trips to Lyon and Geneva attracting nearly one-fifth (18,1%) more customers than in January-June 2024 and achieving a record 99.4% load factor (up from 86% last year).
In the current summer season, Novaturas has expanded capacity to Barcelona and Madeira, both recording higher passenger numbers and improved load factors.
The company has successfully launched early sales for long-haul trips in the 2025/2026 winter season, with sales up 75% compared to the same period in 2024, driven by strong demand for Colombo, Zanzibar, Vietnam, and Phuket, Thailand. This year, Novaturas also began sales for the 2026 summer season earlier than in the previous year.
Strategic Investor Secured
The first half of 2025 also brought important strategic developments for Novaturas long-term outlook. In March, the company announced that it had secured a strategic investor Turkish tourism businessman and investor Neset Kockar, who owns businesses in international aviation, real estate, tourism and other industries. In April, the first phase of the deal was completed, with Mr Kockar acquiring a 23.2% stake from three individual shareholders.
The parties to the agreement had planned to complete the second phase of the transaction by autumn, but the company has been informed that its implementation will take longer due to the required formal procedures. The parties have not yet provided the company with a specific date for completion. Upon completion of the second phase, Mr. Kockar s shareholding will increase to 33.19%.
The arrival of the strategic investor immediately strengthened the company s financial capacity: in March, Mr. Kockar provided Novaturas with a EUR 1 million loan, later increased to EUR 2 million.
The investor also paved the way for Novaturas to sign the Suretyship of travel organizer s contractual obligations insurance agreement with Insurance company Euroins AD, which is part of Euroins Insurance Group AD one of the largest independent insurance groups in Central, Eastern, and Southeastern Europe. Euroins provided Novaturas with a EUR 9 million in surety insurance limit, ensuring the fulfillment of the company s obligations to travelers.
In June, the company also extended its EUR 3 million credit line with Luminor bank. The repayment of the loan has been extended until the end of this year.
Welcoming a strategic investor marks the beginning of a new journey for Novaturas. It has strengthened our financial position and credibility, enabling us to secure agreements with financial and insurance institutions. We are now actively working to leverage synergies with Mr Kockar s businesses, with the goal of expanding the variety of hotels and travel packages we can offer. We anticipate that travelers across the Baltic States will experience the greater benefits of this collaboration in the 2026 season, said Kristijonas Kaikaris.
A new board has taken office
In mid-July, following the Annual General Meeting of Shareholders, a new company board began its term. Two new members with extensive international experience in travel business experience joined the Board: Sebnem Gunel, Chief Operating Officer at Anex Group, and Chris Mottershead, an experienced finance and tourism executive, who is currently President of the Institute of Travel and Tourism and the owner of the Oasis Hotel in Kalkan, Turkey. Ch. Mottershead has also served as Managing Director at TUI UK, TUI Canada, Thomas Cook UK, Airtours Holidays, among others.
Gediminas Almantas was re-elected Chairman, continuing in the role he has held since 2023. The board serves a two-year term.
Performance of Novaturas Group for the 1st half-year of 2025 (EUR 000's):
Financial indicators H1 2025 H1 2024 H1 2023
Revenue 74,142 91,320 101,351
Gross profit 8,926 8,507 15,426
EBITDA (254) (1,565) 5,667
Net profit (loss) (791) (2,277) 4,582
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