The tour operator Novaturas Group reported audited revenues of EUR 201 million for 2024, having served 239 thsnd. travelers across the Baltic States. Compared to 2023, this represents a 3.6% decline in revenue and an 8% decrease in traveler numbers (down from 259 thsnd. in 2023). Despite a profitable final quarter, the company ended the year with a net loss.
“2024 was a volatile year. The first half was particularly challenging, as we operated in an oversupplied market, which was reflected in our January–June results, with EBITDA standing at a negative EUR 1.6 million. However, decisive actions such as optimizing our travel program, swiftly responding to demand changes, and focusing on customer experience helped reverse the trend. In the fourth quarter, we returned to profitability with an adjusted EBITDA of EUR 2.3 million. While this wasn’t enough to offset the year’s total loss, it confirms we’re on the right track in the long-term perspective,” said Kristijonas Kaikaris, CEO of Novaturas Group.
Operational results surpassed forecasts
Mid-2024, following a loss-making first half, Novaturas forecasted a full-year EBITDA (earnings before interest, taxes, depreciation, and amortization) of EUR -4.1 million and a net loss of EUR 5.1 million. However, a stronger than expected autumn and winter season led to significantly better unaudited results: EBITDA of EUR -863 thsnd. and a net loss of EUR 2.5 million.
Audited results revealed even more positive numbers: the adjusted annual EBITDA came in at -EUR 449 thsnd., and the operating net loss (excluding a further-mentioned one-off goodwill impairment) was EUR 1.9 million.
The final audited net loss, however, reached EUR 7.6 million due to a one-off, non-cash EUR 5.7 million goodwill impairment (identified through a goodwill impairment test), primarily reflecting a more conservative outlook for the Estonian market.
The test for goodwill impairment is a standard accounting procedure regularly performed to ensure a true and fair view of the company’s financial reporting. The impairment of goodwill does not affect the Group’s cash flows or its ability to generate value, and merely reflects a reduction in the book value of equity.
Audit disclaimer removed
Novaturas also announced that its 2024 audit report no longer includes the previous disclaimer related to the balance of settlements with international suppliers. This means that the company has resolved these discrepancies, reconciled and accounted for outstanding amounts with suppliers, and provided accurate reports that reflect its financial position.
It is clarified that the audit reports for the year 2024 and 2023 for Novaturas were conducted by the same audit firm – UAB Ernst & Young Baltic.
Strategic investor partnership begins
In early 2025, Novaturas entered a new phase – 4 shareholders have signed an agreement to sell shares to a strategic investor, Turkish tourism businessman and investor Neset Kockar, who owns businesses in international aviation, real estate, tourism and other industries. At the end of April this year, the company completed the first stage of the transaction, under which Mr. Kockar acquired a 23.2% stake in Novaturas from three individual shareholders. The second and final stage of the planned transaction, after which Mr. Kockar would hold 33.19% of Novaturas shares, is expected to be completed in the autumn.
According to K. Kaikaris, attracting a strategic investor with international tourism business holdings opens up new opportunities for synergy and growth for Novaturas. Mr. Kockar provided the company with a short-term loan of EUR 1 million, which was later extended and increased to EUR 2 million.
Novaturas' near-term plans include a review of the company’s strategy, the development of collaboration opportunities with the new shareholder’s businesses in travel destinations popular among Baltic travellers, and the launch of new, more attractive offerings for travellers from Lithuania, Latvia, and Estonia, including a wider hotel selection and other services.
Additionally, Novaturas has started testing a hybrid travel packaging solution that will allow clients to access a significantly wider range of hotel options and more diverse pricing. Once the testing phase – currently being conducted internally on selected routes – is completed, the company plans to roll out this solution to travel agencies, enabling them to conveniently and quickly create more tailored travel packages with Novaturas for their clients.
Travel trends, destinations, and operational efficiency
In 2024, the company successfully leveraged its broadest portfolio of destinations and increased traveller numbers to routes that ensured higher operational efficiency. By closely monitoring customer preferences, the company adjusted volumes throughout the year to better meet the needs of its travellers.
Among the fastest-growing destinations last year were trips to Spain – the number of travellers to Malaga, Barcelona, and Mallorca increased by 149% compared to 2023.
The company also successfully increased long-haul travel sales by 8%. The number of travellers to Vietnam grew by 367%, to Phuket in Thailand by 23%, and to Zanzibar in Tanzania by 21%.
In the group travel segment, sports and activity-based trips gained popularity, with Turkey, Greece (Heraklion), Montenegro, Egypt, Cyprus, and Portugal (Faro) being the most favoured destinations. For ski holidays, Italy (Bergamo) was the top choice.
Last year, Novaturas together with partners organised a record-breaking workation travel – flying 2,500 employees of Tesonet Accelerator companies to Turkey. This trip required a total of 12 planes and 48 buses.
In the fourth quarter of last year (compared to the same period in 2023), Novaturas successfully reduced the share of last-minute bookings in total sales – a segment that typically impacts overall financial performance negatively.
Moreover, the company’s aircraft load factor increased to 98.9% in the fourth quarter, compared to 96.7% during the same period in 2023.
Audited results of Novaturas Group for the year 2024 (EUR 000's):
| Financial indicators | 2024 | 2023 | 2022 |
| Revenue | 200,878 | 208,331 | 196,676 |
| Gross profit | 20,742 | 26,227 | 18,127 |
| EBITDA | (6,132) | 5,241 | 415 |
| Adjusted EBITDA | (449) | 5,241 | 415 |
| Net profit (loss) | (7,604) | 3,372 | (1,683) |
About the company
The Novaturas Group is a tour operator offering the widest range of travel destinations from the Baltic States. It has been operating in the region for more than 25 years. The company offers summer and winter recreational, sightseeing, exotic, skiing, workation and group trips to many destinations worldwide. According to audited data, in 2024, Novaturas Group recorded revenues of EUR 201 mln. and served 239 thsnd. passengers in Lithuania, Latvia and Estonia.
For more information:
Darius Undzėnas
CFO
+370 678 05749
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