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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Novaturas AB (NTU1L) investor relations material
Novaturas AB Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary19 Aug, 2025
Executive summary
Revenue for H1 2025 was EUR 74 million, down 18.8–19% year-over-year, reflecting a strategic reduction in capacity and focus on profitability over volume.
EBITDA improved to -EUR 254,000 from -EUR 1.665 million in H1 2024, and net loss narrowed by 65.3% to -EUR 791,000.
Passenger numbers dropped to 84,000 from 113,000, aligning with the strategy to reduce last-minute discounts and improve load factor, which reached a record 98.1%.
Customer satisfaction rose, with NPS at 61%, up from 46% in H1 2023.
Strategic investor Neset Kockar acquired a 23.2% stake, provided a EUR 2 million loan, and enabled a EUR 9 million insurance guarantee, with new board members appointed.
Financial highlights
Gross profit for H1 2025 was EUR 8.93 million, up 4.9–5% year-over-year, with a margin of 12.04%, up from 9.3%.
Profit per passenger nearly doubled to EUR 55 from EUR 28 year-over-year.
Selling, general, and administration expenses fell by 7%, though as a percentage of revenue, they increased due to fixed cost structure.
Cash and cash equivalents decreased to EUR 1.39 million from EUR 2.72 million at year-end 2024.
Debt/equity ratio rose sharply to 188.46%, and all bank covenants were breached as of 30 June 2025.
Outlook and guidance
Full-year 2025 guidance: 170,000–190,000 passengers, EUR 160–180 million in revenue, EBITDA of EUR 1.1–1.6 million, and net profit between breakeven and EUR 500,000.
Early sales for summer 2026 and long-haul bookings rose 75% year-over-year.
Focus areas include operational efficiency via AI/IT, leveraging new shareholder synergies, and product differentiation.
What synergies are expected from Kockar's businesses?
How did Novaturas address excess capacity?
What is the status of bank covenant compliance?
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Next Novaturas AB earnings date
Q4 202527 Feb, 2026
Next Novaturas AB earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
Novaturas AB is a leading tour operator in the Baltic States, offering a variety of travel services primarily in Lithuania, Latvia, and Estonia. The company's operations are divided into several segments, including flight packages, sightseeing tours by plane or coach, and other travel-related services. Novaturas AB provides both summer and winter holiday packages, and offers flights, hotel accommodations, and other related services. Their offerings are available through a network of retail travel agencies, direct sales channels, and an e-commerce platform. The company is headquartered in Kaunas, Lithuania, and its shares are listed on the NASDAQ.
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