NTU1L Novaturas AB

Novaturas Group announces the long-term partnership with Heston Airlines in Estonia

Novaturas Group announces the long-term partnership with Heston Airlines in Estonia

Novaturas Group, the leader in the Baltic tourism market, which also includes Estonian Novatours, signed a cooperation agreement with Heston Airlines, an airline focused on charter and ACMI* flights. From the start of the next summer season, Heston will become Novatours' main flight partner in Estonia. This strategic partnership aims to offer an excellent travel experience, enhancing the overall quality and reliability of services provided by both entities.

"We are honored to announce the partnership with Heston Airlines which marks a significant company’s milestone, particularly benefiting Estonian travelers. This newly signed agreement is based on focus to enrich the customer experience. Heston Airlines' business model and objectives, as well as its modern fleet, attention to sustainability fit with our attitude, values and ambitions," said Vitalij Rakovski, CEO of Novaturas Group.

According to Mr Rakovski, the company is always looking for long-term agreements when choosing new partners in order to confidently implement the strategic goals. “We've been analyzing Heston Airlines business model and what they have managed to achieve so far in the charter and ACMI sector is impressive. When selecting the airline, we also considered sustainable aviation practices in order to reduce fuel consumption and minimize the carbon footprint associated with the aviation services,“ Rakovski added.

"Heston Airlines is excited to start a long-term partnership with Novaturas Group and guarantee the best experiences and adventures for travelers in Estonia. For us it is always important to work with a partner who shares the same priorities as us, such as sustainable solutions and quality of the service. We are also glad to share that Heston Airlines will operate modern Airbus A320 aircraft which is only 7 years old for now and provides fuel efficiency," commented Jonas Rinkauskas, CEO of Heston Airlines.

"Our common priority is flight punctuality, which is also a strategic goal for Novatours, and one on which we will focus both now and in the future. In addition, safety, smooth flights, and a high level of service, including enhanced catering and other modern facilities, are key factors in customer satisfaction. The airline has a sizable fleet and the flexibility to respond to different situations. Moreover, with this new agreement we will cooperate even more in selection of items and their quality control to be for sales on board," Rakovski explained.  

In August this year, Novatours became the first tour operator in Baltics to launch a full summer 2024 Turkey program and in September launched a full summer program across the Baltics. In Estonia, Novatours will offer 15 destinations in the next summer season, with new ones including Spain's Costa del Sol, Italy's Calabria region and the island of Cyprus.  

Compared to this summer, the Novaturas Group plans to serve around 15 percent more customers in the Baltics. As the longest-operating tour operator in the regional market, counting its 25th summer season, the company will increase the offer on the Greek islands, at Spanish resorts, and in Montenegro, Croatia, Madeira.

About Novaturas Group

Novaturas Group is the largest and the only charter flights‘ local tour operator in the Baltic States, counting its 25th season next year. The company offers 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. Novatours has been Estonia's leading and largest tour operator since 2004. In 2024, the company will celebrate its 20th anniversary in Estonia.

About Heston Airlines

Heston Airlines is an established European carrier (since 2020), headquartered in Vilnius, Lithuania.  The company is a part of the Heston Aviation Group, which focuses on aircraft rental, trading, maintenance, and repair.  The airline operates Airbus 320 aircraft and Airbus 330, providing short- and long-term services worldwide. Heston Airlines currently has a fleet of 15 aircraft. The group also owns Heston MRO, one of the largest in its sector, which provides maintenance and repair services.

 *ACMI, or wet leasing, covers the leasing of aircraft with crew, maintenance, and insurance. 



EN
11/12/2023

Underlying

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on Novaturas AB

 PRESS RELEASE

Unaudited 12-Month Results of the Novaturas Group for 2025

Unaudited 12-Month Results of the Novaturas Group for 2025 The AB Novaturas group (hereinafter – the “Novaturas Group”) generated EUR 168 million in consolidated revenue for the 12 months of 2025 according to unaudited data, i.e. 16.1 percent less than in the same period of 2024. Despite lower revenue volumes, the Novaturas Group’s EBITDA (earnings before interest, taxes, depreciation and amortization) was positive and reached EUR 420 thousand, which is 107 percent more compared to the same period in 2024. Adjusted EBITDA amounted to EUR 420 thousand, 194 percent more than in the same peri...

 PRESS RELEASE

„Novaturo“ grupės neaudituoti 2025 m. 12 mėnesių rezultatai

„Novaturo“ grupės neaudituoti 2025 m. 12 mėnesių rezultatai AB „Novaturas“ įmonių grupė (toliau – „Novaturo“ grupė) neaudituotais duomenimis per 2025 m. 12 mėnesių gavo 168 mln. eurų konsoliduotų pajamų, t.y. 16,1 procento mažiau nei per tą patį 2024 m. laikotarpį. Nepaisant mažesnių pajamų apimčių, „Novaturo“ grupės EBITDA (pelnas prieš palūkanas, mokesčius, nusidėvėjimą ir amortizaciją) buvo teigiama ir siekė 420 tūkst. eurų, t.y. padidėjo 107 proc. lyginant su tuo pačiu 2024 m. laikotarpiu. Koreguota EBITDA sudarė 420 tūkst. Eurų, t.y. 194 proc. daugiau nei per tą patį 2024 m. laikotarp...

 PRESS RELEASE

Novaturas appoints Auksė Kriaučiūnaitė as Chief Financial Officer

Novaturas appoints Auksė Kriaučiūnaitė as Chief Financial Officer Novaturas Group, the leading tour operator in the Baltic States, announces that as of 7th January 2026, Auksė Kriaučiūnaitė will assume the position of Group Chief Financial Officer (CFO). Since July 2025, she has been serving as Interim CFO, ensuring continuity and stability in the Group’s financial management during the transition period. “Aukses appointment as CFO reflects both her outstanding performance over the years in the Company and the trust she has earned from the Board and executive leadership. During the time as...

 PRESS RELEASE

„Novaturas“ skiria Auksę Kriaučiūnaitę finansų vadove

„Novaturas“ skiria Auksę Kriaučiūnaitę finansų vadove Turizmo rinkos lyderė Baltijos šalyse – „Novaturas“ grupė – praneša, kad nuo 2026 m. sausio 7 d. grupės finansų vadovės (CFO) pareigas eis Auksė Kriaučiūnaitė. Ji nuo 2025 m. liepos mėnesio ėjo laikinosios finansų vadovės pareigas, užtikrindama finansų valdymo tęstinumą ir stabilumą pereinamuoju laikotarpiu. „Auksės paskyrimas finansų vadove atspindi tiek jos nuoseklius ir išskirtinius darbo rezultatus bendrovėje per pastaruosius metus, tiek valdybos ir vykdomosios vadovybės jai išreikštą pasitikėjimą. Eidama laikinosios finansų vadovės...

 PRESS RELEASE

Announcement Regarding the Progress of the Second Transaction Stage wi...

Announcement Regarding the Progress of the Second Transaction Stage with Strategic Investor and Status of Investor's Applications to Competition Authorities As previously disclosed in early September, Novaturas Group informed that the parties to the second transaction stage, who had planned to complete the second stage by autumn, after which strategic investor Neset Kockar would have increased his shareholding to approximately 33%, terminated the transaction at that time while continuing new negotiations regarding the acquisition of an additional share package. The Company has now been info...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch