According to audited results, the Novaturas Group, a Baltic travel operator, generated EUR 168.5 million in revenue in 2025, down 16.1% from EUR 200.9 million a year earlier. Amid continued pressure in the travel market the Group remained loss-making, reporting a net loss of EUR 1.4 million, compared with EUR 2.06 million in 2024 (excluding a one-off non-cash write-off of EUR 5.7 million). Annual adjusted EBITDA improved from negative EUR 590 thousand to positive EUR 429 thousand.
The Group's revenue reached EUR 168.5 million last year, down 16.1% from EUR 200.9 million in 2024. The decline reflects the Group's efforts to improve operational efficiency by optimising its travel programme.
"Although our results improved compared to 2024, we have not yet achieved our goal of returning to sustainable profitability. The travel market continued to face aggressive competition and excess capacity, which maintained pressure on pricing and margins throughout the year. In response, we reviewed and reduced our travel programme, focused more selectively on higher-margin destinations and maintained strict cost discipline. These measures helped us to improve performance and reduce losses, but the operating environment remains difficult and maintaining disciplined capacity and cost management will remain a key priority in 2026," says Aleksejs Krišcuks, CEO of Novaturas Group.
Lower volumes amid continued market pressure
In 2025, the Novaturas Group served 191 thousand travellers, compared to 239 thousand in 2024. During the summer season, the largest number of travellers were carried to Turkey, Greece, Spain, Bulgaria and Montenegro, while in winter the most popular destinations were Egypt, ski resorts and long-haul destinations.
Among the fastest-growing destinations in summer 2025 were Calabria, Barcelona and Madeira. In winter, demand increased for ski trips to France and travel to Egypt. In the long-haul segment, the strongest growth was recorded in Zanzibar, Vietnam, Sri Lanka and Gambia.
According to Novaturas Group, the optimisation of the travel programme resulted in lower overall passenger volumes, but contributed to better aircraft load factor. Last year, the load factor increased by 1.5 percentage points to 97.2%, up from 95.7% in 2024. The strongest growth, an increase of 2 percentage points, was recorded in the Estonian market.
In the long-haul segment, the load factor increased from 97.4% to 98.5%, exceeding 99% in the second half of the year. Performance also improved in the ski travel segment, where flights operated at a load factor of 97.2%, compared to 90.5% in 2024.
However, improved aircraft utilisation did not automatically translate into stronger profitability, as margins remained under pressure due to competitive pricing and market oversupply.
2026 began with continued uncertainty
Novaturas Group notes that 2026 has started in an environment of continued uncertainty for the tourism sector. Though the Group recorded a stronger early bookings for the upcoming summer season (by the end of last year, advance sales for the 2026 summer season were 59% higher than at the same time a year earlier), geopolitical tensions, including the war in the Middle East that escalated in March, are affecting travel demand and consumer behaviour across the market.
As a result, Novaturas Group will continue to focus on operational efficiency, cost control and risk management. At the same time, the company also plans to strengthen its competitiveness by expanding its hotel offering with more competitively priced options and introducing new destinations. From summer 2026, Novaturas Group will launch trips to Morocco and has additionally introduced Mallorca from Lithuania and Estonia, while this destination was already available in Latvia.
Key audited financial indicators of the Novaturas Group for 2025 (EUR thousand)
| 2025 (audited) | 2024 (audited) | Change | |
| Revenue | 168,483 | 200,878 | -16.1% |
| Gross profit | 19,611 | 20,602 | -4.8% |
| EBITDA | 429 | (6,272) | 106.8% |
| Adjusted EBITDA | 429 | (590) | 172.8% |
| Net profit (loss) | (1,377) | (7,744) | 82.2% |
About Novaturas Group
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 2025, Novaturas Group recorded revenues of EUR 168 mln. and served 191 thsnd. passengers in Lithuania, Latvia and Estonia.
More information:
Aleksejs Krišcuks
CEO
investors@novaturas.lt
