AB Novaturas informs that its shareholder Mr. Neset Kockar, who currently holds a 23.2% shareholding in the company, has submitted notifications to the competition authorities of Lithuania, Latvia, and Estonia. This step has been taken as a precautionary measure, as Mr. Kockar has been further considering an increase in his shareholding, potentially up to approximately 33%. The company notes that this submission of notifications to competition councils does not represent a new development, but is the contin ...

Core Insights - Flywire Corporation has been selected as the exclusive payments partner for Quasar Expeditions, enhancing the payment experience for its clientele and integrating seamlessly into Quasar's booking system [1][3][4] Company Overview - Quasar Expeditions has been recognized as the 1 Intimate-Ship Ocean Cruise Line for eight consecutive years (2018-2025) and the 2 Tour Operator of 2024, specializing in luxury and adventure ocean travel [2][1] - The company has nearly four decades of experience providing high-quality accommodations and unique travel experiences in regions such as Galapagos, Patagonia, Chile, Ecuador, and Peru [2] Partnership Details - The partnership with Flywire aims to upgrade Quasar's payment experience by addressing issues related to hidden pricing and customer service from its previous provider [3] - Flywire's global payment network offers transparent pricing, real-time payment tracking, and 24/7 multilingual support, enhancing the overall customer experience [3][6] Integration and Operational Efficiency - Flywire's integration with PEAK 15, the software used by Quasar for bookings and accounting, streamlines reconciliation processes and reduces administrative complexities [4] - This integration supports Quasar's geographically dispersed team, allowing for efficient operations across multiple locations [4] Market Growth and Expansion - The ocean-based travel segment, including yacht charters and expedition cruises, is one of the fastest-growing areas of Flywire's travel business, catering to luxury travelers [5] - Flywire has expanded its services into new regions such as Chile and Indonesia, focusing on diving experiences and expeditions [5] Client Support and Technology - Flywire has invested in local-language client support for Indonesian-speaking clients and enhanced integration capabilities with Tour Amigo, a booking system for multi-day travel [5] - The company emphasizes its understanding of the travel sector's complexities, providing a secure and localized payment experience that simplifies cross-border transactions [6][7]

Leadership Change - Novaturas Group has announced a leadership change, with Ieva Galvydienė becoming the new CEO effective October 15, succeeding Kristijonas Kaikaris who is moving to the IT sector [1][5] - Ieva Galvydienė has been with Novaturas since 2006, progressing from a travel sales manager to Chief Commercial Officer, and is expected to leverage her extensive experience to enhance the company's market position and client value [2][4] Company Performance - Novaturas Group recorded revenues of EUR 201 million in 2024 and served 239,000 passengers across Lithuania, Latvia, and Estonia [6] - The company has been operational for over 25 years, offering a diverse range of travel services including recreational, sightseeing, and group trips [6] Strategic Developments - The company attracted a strategic investor, Neset Kockar, in spring 2025, which is anticipated to strengthen its financial position and create synergies with Kockar's portfolio in various sectors [6][3] - Kristijonas Kaikaris highlighted the successful optimization of the travel program and the strengthening of the company's financial capabilities during his tenure [5]

Group 1 - The company attracted a strategic investor, Neset Kockar, who acquired 23.2% of its shares in March [1] - The second stage of the transaction, which would increase Kockar's control to 33.19%, is being terminated, and new agreement terms are under negotiation [2] - Kockar's investment has strengthened the company's financial position, providing a €2 million loan and facilitating agreements with financial institutions [3] Group 2 - Novaturas Group is a leading tour operator in the Baltic States with over 25 years of experience, offering a wide range of travel services [4] - In 2024, Novaturas Group recorded €201 million in revenue and served 239,000 passengers across Lithuania, Latvia, and Estonia [4]

Core Insights - The CEO and Interim CFO of Novaturas presented the company's consolidated financial results for the first half of 2025, highlighting significant declines in revenue and profitability compared to previous years [1]. Financial Performance - Revenue for H1 2025 was EUR 74.142 million, down from EUR 91.320 million in H1 2024 and EUR 101.351 million in H1 2023, indicating a year-over-year decline of 18.3% from 2024 and 26.9% from 2023 [2]. - Gross profit for H1 2025 was EUR 8.926 million, slightly up from EUR 8.507 million in H1 2024 but down from EUR 15.426 million in H1 2023 [2]. - EBITDA for H1 2025 was a loss of EUR 0.254 million, an improvement from a loss of EUR 1.565 million in H1 2024 but significantly lower than the positive EBITDA of EUR 5.667 million in H1 2023 [2]. - The net loss for H1 2025 was EUR 0.791 million, an improvement from a net loss of EUR 2.277 million in H1 2024 but a stark contrast to the net profit of EUR 4.582 million in H1 2023 [2]. Company Overview - Novaturas Group is a tour operator with over 25 years of experience, offering a wide range of travel destinations from the Baltic States [2]. - In 2024, Novaturas Group recorded revenues of EUR 201 million and served 239,000 passengers across Lithuania, Latvia, and Estonia [2].

Group 1 - The Bank of Lithuania has publicly disclosed that AB Novaturas submitted its audited annual financial statements later than required by law, with the reports submitted on June 9, 2025 [1] - Novaturas postponed the publication of its audited financial statements for 2024 due to extended preparation and audit processes, which aimed to ensure quality and accuracy, but these delays did not impact the 2024 results [2] - The Bank of Lithuania stated that there is no evidence the delay significantly affected third parties or the company itself, and Novaturas has acknowledged the breach and rectified the issue [3] Group 2 - The Novaturas Group is a tour operator with over 25 years of experience, offering a wide range of travel destinations from the Baltic States [4] - In 2024, Novaturas Group recorded revenues of EUR 201 million and served 239 thousand passengers across Lithuania, Latvia, and Estonia [4]

Core Points - Novaturas Group signed a suretyship agreement with Euroins AD for a EUR 9 million insurance limit to ensure fulfillment of obligations to travelers [1][2] - The partnership with Euroins is aimed at strengthening Novaturas' market position and enhancing credibility with clients and partners [2] - Novaturas has extended its credit line with Luminor Bank, with a EUR 3 million loan repayment extended until the end of the year [7][8] Company Overview - Novaturas Group is a leading tour operator in the Baltic States, offering a wide range of travel destinations and services for 25 years [9] - In 2024, Novaturas recorded revenues of EUR 201 million and served 239,000 passengers across Lithuania, Latvia, and Estonia [9] Insurance and Regulatory Context - Tourism regulations mandate that tour operators must ensure obligations through insurance or bank guarantees to protect travelers [3] - Euroins AD is a prominent insurance provider in Bulgaria and operates in multiple European countries, specializing in travel insurance [5][6]

Core Insights - Novaturas Group has decided to expand its loan agreement with strategic investor Neset Kockar from Turkey, receiving an additional EUR 1 million loan and extending the maturity of an existing EUR 1 million loan [1][2] - The new loan agreement reflects a growing partnership between Novaturas and its investor, highlighting the benefits of this collaboration [3] Financial Details - The initial loan agreement was signed in March 2023, with a short-term loan of up to EUR 1 million, repayable by 30 June 2025, at an annual interest rate of 8.5% [2] - Following the amendments, the loan maturity has been extended to 30 June 2026, and the company will receive an additional EUR 1 million loan under the same terms [2] Company Overview - Novaturas Group is a tour operator with 25 years of experience, offering a wide range of travel destinations from the Baltic States [4] - In 2024, Novaturas recorded revenues of EUR 201 million and served 239,000 passengers across Lithuania, Latvia, and Estonia [4]

Company Overview - Novaturas Group is the only local charter tour operator in the Baltic States with over 25 years of experience [2] - The company offers a variety of travel services including summer and winter recreational trips, sightseeing, exotic destinations, skiing, workation, and group trips to numerous locations worldwide [2] - In 2024, Novaturas Group reported revenues of EUR 201 million and served 239 thousand passengers across Lithuania, Latvia, and Estonia [2] Recent Developments - AB Novaturas has announced the receipt of notifications regarding the disposal and acquisition of voting rights [1]

Core Insights - Novaturas has signed an agreement for a strategic investment, with Neset Kockar acquiring 23.2% of the company's shares, marking a significant development for the company [1][6][10] - The investment is expected to enhance Novaturas' competitive advantage and growth opportunities through Kockar's extensive tourism network and experience [2][4] Company Overview - Novaturas is a well-established tour operator in the Baltic States, operating for 25 years and offering a wide range of travel destinations [12] - In 2024, Novaturas recorded revenues of EUR 201 million and served 239,000 passengers across Lithuania, Latvia, and Estonia [13] Investment Details - The first stage of the transaction involved Kockar acquiring 1,811,258 shares at a price of EUR 0.64 per share, totaling EUR 1.159 million [7][9] - The second stage will see Kockar acquire an additional 9.99% of shares, bringing his total ownership to 33.19% upon completion [10] Strategic Plans - The company plans to review its strategy and development prospects, aiming to leverage synergies with Kockar's businesses in popular travel destinations [3][8] - Novaturas intends to expand its range of hotels and travel offers, enhancing customer experience tailored to different traveler needs [3][4] Financial Support - Kockar has provided a loan of EUR 1 million to strengthen Novaturas' financial capacity, which is crucial for navigating the seasonal fluctuations in the tourism market [9]