News and Press Releases

Back to news list
2023 11 28

9-month results of Novaturas: EBITDA reached EUR 7.9 mln., revenue grew by 7.4%

Novaturas Group, the leader in the Baltic tourism market, is well on its way to fulfilling its annual profit forecast that has been doubled after the first half of 2023. The company’s earnings before interest, taxes, depreciation and amortization (EBITDA) grew by a further EUR 2.3 mln. during this quarter to reach EUR 7.9 mln. for the period of January–September.

“Despite the significant increase in competition over the last few years, the three-quarter EBITDA for 2023 will be recorded in the company’s history. This result is the third best not even compared to the three-quarter EBITDA, but to the annual EBITDA of the previous periods, which were the most successful,” says Vitalij Rakovski, CEO of Novaturas Group.

The three-quarter net profit of Novaturas reached EUR 6.4 mln., compared to around EUR 0.3 mln. in the same period last year. Meanwhile, the company’s revenue grew by 7.4%, compared to the period of January–September 2022, reaching EUR 166.8 mln.

Novaturas estimates that it served 86 thsnd. customers in July–September and around 210 thsnd. customers from the beginning of the year to the end of September. Although the number of travelers is 3% lower compared to the same period last year, the financial results of Novaturas, i.e. EBITDA and net profit, are significantly higher and exceed the result for the whole year 2019.

According to Mr Rakovski, QIII recorded a high load factor of around 96%. In July–September, travelers from the Baltic States were not only keen on the traditional summer destinations such as Turkey, Greece, Bulgaria and Spain, but also on Tunisia and Montenegro that has become a business card of Novaturas. Due to the strong demand for this destination, Novaturas has increased its offering this year by around 25%, compared to last year. According to the data of the company, every second organized tourism traveler who chose Montenegro chose Novaturas for their trip. 

“We have diversified our travel destinations, which has allowed us to maintain our strong position and has clearly contributed to our positive financial results. Moreover, we evaluated the behavior and habits of travelers and were able to avoid oversupply, which was particularly common on the market during the summer season, when many flights were cancelled and programs in Turkey were significantly changed,” noted Mr Rakovski.

Increased annual forecasts are maintained
As has already been mentioned, in August the company doubled its forecast for 2023, adjusting EBITDA estimated at the beginning of the year from EUR 3–5 mln. to EUR 6–8 mln. and net profit from EUR 1–3 mln. to EUR 4–6 mln. The company maintains the said annual forecast, taking into account the lower activity in the last quarter and the increased uncertainty regarding demand in Egypt. 

The military conflict that started in the Middle East in October affected some travelers’ plans and demand for destinations, and the company has therefore optimized its winter program.

“Customer safety is key, and with the events in Israel, we have assessed the drop in demand and taken the important decision not to offer trips to Jordan this year – this destination is expected to resume in March next year. We have also optimized the Egypt program in response to changes in demand across the Group in Lithuania, Latvia and Estonia, but have maintained opportunities for travelers to go to both Sharm el-Sheikh and Hurghada this winter,” says Mr Rakovski.

Better flight punctuality and increased choice of sustainable hotels
Novaturas has focused on flight punctuality to achieve its strategic goal of providing high quality customer service. In QIII, only three flights were delayed by more than 3 hours. Compared to QIII of 2022, the number of such flights has been reduced by as many as 6 times. During the first 9 months of this year, the company had only 15 such delays, which is 4 times less than last year.

In QIII, Novaturas offered its customers a choice of sustainable hotels. The company was the first of the major tour operators in the Baltic States to use the “Sustainable choice” filter on its renewed website to mark accommodation that operates responsibly and focuses on the management of social and environmental impacts. Novaturas has based its selection on a third-party certification and labelling system, which means that “Sustainable choice” hotels have a sustainability label recognized by the Global Sustainable Tourism Council (GSTC). Currently, such hotels already account for more than a third of the company’s total offering in Lithuania, Latvia and Estonia, and the range is planned to expand further. 

In October, to contribute to the sustainability of the tourism sector, Novaturas Group joined the initiative “The Transition Pathway for Tourism” of the European Commission (EC). The company will aim to contribute to the green transformation of tourism businesses and the sector. Novaturas is one of 204 organizations that have joined this initiative.

Share buy-back implemented
In QIII this year, Novaturas Group announced the launch of a buy-back of 75 997 shares (up to 1%) in the company. The company decided to buy back these shares by auction on 14–20 September at a price of EUR 3.27 per share. 

Novaturas decided to buy back the shares during this period, taking into account the market situation such as the strong first half-year financial results and financial stability of the company. According to financial analysts, the recommended share price is above the stock market price.

It is the practice of listed companies for the management of a company to buy back shares when the market price is lower than the value of the company or when there is a reasonable expectation of growth potential. This increases value for the company shareholders by giving a greater share of profits per share. Also, share buy-back often leads to a higher share price.

The company intends to distribute the bought-back shares to 144 employees of Novaturas Group to boost their engagement and motivation. The shares are expected to be granted to employees until 2026. The total investment in the share buy-back is approximately EUR 0.25 mln.

Performance of Novaturas Group for 9 months (EUR 000's): 


Financial indicators 

9 months, 2023

9 months, 2022

9 months, 2021


166 823 

155 307 

75 414

Gross profit

23 290 

15 275

9 190


7 908 


1 955

Net profit (loss)

6 367 


1 096 

About the company  
Novaturas Group is the largest and the only charter flights local tour operator in the Baltic States, offering summer and winter trips to more than 30 destinations worldwide and more than 100 tours. In 2022, Novaturas Group recorded revenues of EUR 197 million and served 267 000 passengers in Lithuania, Latvia and Estonia.