Novaturas (NTU1L) Q2 2025 earnings summary

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.