Dispute with GetJet Airlines deepens Novaturas’ losses this year

A legal dispute with charter-flight company GetJet Airlines helped push Novaturas’ first-half net loss to 7.9 million euros, almost ten times the 791,000-euro loss recorded a year earlier. The Lithuanian travel group reported unaudited revenue of 69.8 million euros, down 6% from 74.1 million euros in the same period last year.

Novaturas said a one-off impact linked to the legal case had a significant effect on its financial results. The dispute concerns the company’s unilateral termination, after the start of the coronavirus pandemic, of a charter-flight agreement signed with GetJet in December 2018.

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The Group’s financial results were significantly affected by a one-off impact related to the legal dispute with GetJet Airlines.

An appeals court in June ordered Novaturas to pay GetJet an additional 3.35 million euros in penalties. The ruling awarded a total of 4.5 million euros in penalties, plus annual interest of 8% from March 5, 2021, until the judgment is fully enforced. Novaturas had already paid 1.15 million euros under an earlier ruling, leaving the additional amount recorded in the latest decision. The company said in June that it was considering an appeal to the Supreme Court of Lithuania.

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However, at the same time, we continued actions aimed at strengthening the Group’s financial stability and increasing operational efficiency.

First-half EBITDA loss stood at 5.6 million euros. Excluding the one-off legal impact, adjusted EBITDA loss was 2.1 million euros. Novaturas said the period also brought challenges from the market environment, but that it continued efforts to strengthen financial stability and improve operating efficiency.

The group said it had focused on optimizing its travel program, matching its offerings to market demand and building a more profitable product portfolio. Lower travel volumes reflected targeted supply management in key segments, aimed at using available capacity more efficiently and producing a more sustainable operating result. In the second half of 2026, Novaturas said it would prioritize profitability, efficiency, a balanced travel program and advance sales. Shareholders approved a new share issue in June, increasing the company’s capital to 543,000 euros in July. The company said the funds strengthened its capital base and supported further development and strategic goals.

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In the second half of 2026, we will focus primarily on improving profitability, operational efficiency, balanced development of the travel program and promoting advance sales.