Announcement • Jun 30
AB Novaturas Announces Regarding the Court Proceedings with UAB “Getjet Airlines” Concerning the Charter Flight Agreement AB Novaturas informed that on 29 June 2026, the Court of Appeal of Lithuania adopted a ruling in the case between the Company and UAB “GetJet Airlines” (hereinafter – GetJet Airlines) concerning the dispute between the parties related to the (non-)performance of contractual obligations under the charter flight agreement concluded on 3 December 2018 (hereinafter – the Agreement) during the COVID-19 pandemic period. The Company reminds that, as described in greater detail in the Company’s notice of 28 November 2024, by its ruling of 28 November 2024, the Supreme Court of Lithuania, inter alia, set aside part of the ruling of the Court of Appeal of Lithuania of 7 March 2024 which had upheld part of the judgment of the Vilnius Regional Court of 11 September 2023 regarding the termination of the Agreement by court decision as of 1 January 2021, the award of EUR 1,150,000 in contractual penalties and 8% annual interest against the Company, as well as the allocation of litigation costs, and remitted these parts of the case for re-examination by the appellate court. On 29 June 2026, the Court of Appeal of Lithuania amended part of the Vilnius Regional Court's judgment of 11 September 2023 concerning the award of liquidated damages and legal costs, and decided to partially uphold GetJet Airlines' claim – ordering the Company to pay GetJet Airlines EUR 4,500,000 in penalties and annual interest at a rate of 8 per cent, calculated on the awarded sum from 5 March 2021 until the judgment is fully enforced. Given that the Company has already paid EUR 1,150,000 in penalties pursuant to a previous court judgment, the additional amount payable is EUR 3,350,000 (without the above indicated interest and litigation costs). The Court of Appeal left the remaining part of the Vilnius Regional Court’s judgment of 11 September 2023 unchanged. The ruling of the Court of Appeal of Lithuania entered into force on 29 June 2026 and is enforceable. Both parties have the right to file a cassation appeal with the Supreme Court of Lithuania within three months from the date on which the ruling entered into force. The Company is considering filing a cassation appeal with the Supreme Court of Lithuania. Disregarding this, there may be no guarantee that the Supreme Court of Lithuania will accept the cassation appeal at all and/or that it will change the above ruling of the Court of Appeal of Lithuania in favour of the Company. Announcement • Jun 13
Neset Kockar Files Counterclaim Against Willgrow, Uab Naming Novaturas AB as A Co-Defendant AB Novaturas had informed that its shareholder, Neset Kockar, who currently holds 23.2% of the Company’s shares, has filed a counterclaim against the Company in the arbitration case being heard by the Vilnius Court of Commercial Arbitration. This case arises from Willgrow, UAB's claim against Mr. Neset Kockar for his failure to fulfil obligations under the transaction for the acquisition of the Company's shares (hereinafter - the Transaction), as announced in the Company's notice on March 7, 2025. In the arbitration proceedings initiated by Willgrow, UAB, Neset Kockar has filed a counterclaim against Willgrow, UAB seeking the recovery of EUR 13,400,000 in unjust enrichment, naming the Company as a co-defendant. In the opinion of the Company, the counterclaim vis-à-vis the Company filed by Mr. Neset Kockar is unfounded and unlikely to be upheld. The counterclaim vis-à-vis the Company has not been substantiated by any factual circumstances or evidence, and the legal basis set out is formulated in abstract terms. Furthermore, the Company had neither the ability nor the obligation to influence the performance or non-performance of the Transaction in any way, either under applicable law or under the terms of the Transaction documents. Announcement • May 11
Novaturas Group Appoints Audrone Joffe as Chief Financial Officer, Effective May 11, 2026 Novaturas Group announced the appointment of Audrone Joffe as Chief Financial Officer (CFO), effective May 11, 2026. Audrone Joffe has more than 15 years of international experience in financial management. Most recently, she led the finance function at LW Group, where she was responsible for financial accounting, reporting, and the standardization of finance processes across multiple markets. Previously, Audrone held CFO and Chief Accountant positions at JAKOBSENHOME and Light Conversion, as well as roles at international pharmaceutical companies Merck Sharp & Dohme and Abbott Laboratories, where she gained extensive experience in ERP implementation, finance process automation, and operational efficiency improvement projects. Announcement • May 05
Novaturas AB, Annual General Meeting, May 27, 2026 Novaturas AB, Annual General Meeting, May 27, 2026, at 10:00 FLE Standard Time. Location: j. jasinskio st. 16c, vilnius, the republic of lithuania, conference centre., Lithuania Announcement • Apr 30
Novaturas AB to Report Fiscal Year 2025 Final Results on May 11, 2026 Novaturas AB announced that they will report fiscal year 2025 final results at 1:00 PM, USSR Zone1 on May 11, 2026 Announcement • Mar 28
Novaturas Group Announces Step Down of Aukse Kriauciunaite as Chief Financial Officer, Effective March 27, 2026 Novaturas Group announces a change in its executive team. As of March 27, Chief Financial Officer Aukse Kriauciunaite is stepping down from her position. The company is currently conducting a search for a new candidate. The company is currently searching for a new Chief Financial Officer who will oversee operations across Lithuania, Latvia, and Estonia. During the selection process, CFO responsibilities will be ensured through internal resources. New Risk • Mar 02
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł35.5m (US$9.78m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.4x net interest cover). Share price has been highly volatile over the past 3 months (20% average weekly change). Earnings have declined by 19% per year over the past 5 years. Market cap is less than US$10m (zł35.5m market cap, or US$9.78m). Announcement • Jan 06
Novaturas Group Appoints Aukse Kriauciunaite as Chief Financial Officer, Effective January 7, 2026 Novaturas Group announced that as of January 7, 2026, Aukse Kriauciunaite 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. Aukse Kriauciunaite has more than eight years of experience in finance and accounting. She previously worked at Ernst & Young Baltic, where she developed extensive competencies in financial data management, process optimisation, and team leadership. Her accumulated experience provides a solid foundation for continued professional growth and a meaningful contribution to strengthening Novaturas Group. New Risk • Oct 30
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł36.5m (US$9.98m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.4x net interest cover). Shares are highly illiquid. Earnings have declined by 19% per year over the past 5 years. Market cap is less than US$10m (zł36.5m market cap, or US$9.98m). Board Change • Sep 29
Less than half of directors are independent There are 3 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Independent Chairman of the Board Gediminas Almantas is the most experienced director on the board, commencing their role in 2023. They were also the last independent director to join the board. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Reported Earnings • Aug 20
First half 2025 earnings released First half 2025 results: Revenue: €74.1m (down 19% from 1H 2024). Net loss: €791.0k (loss narrowed 65% from 1H 2024). Board Change • Aug 11
Less than half of directors are independent There are 3 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Independent Chairman of the Board Gediminas Almantas is the most experienced director on the board, commencing their role in 2023. They were also the last independent director to join the board. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Board Change • Jul 18
Less than half of directors are independent There are 3 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Independent Chairman of the Board Gediminas Almantas is the most experienced director on the board, commencing their role in 2023. They were also the last independent director to join the board. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Reported Earnings • Jun 14
Full year 2024 earnings released: €0.98 loss per share (vs €0.43 profit in FY 2023) Full year 2024 results: €0.98 loss per share (down from €0.43 profit in FY 2023). Revenue: €200.9m (down 3.6% from FY 2023). Net loss: €7.60m (down 326% from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Announcement • Jun 10
Novaturas AB, Annual General Meeting, Jul 01, 2025 Novaturas AB, Annual General Meeting, Jul 01, 2025, at 10:00 FLE Standard Time. Location: j. jasinskio st. 16 c, vilnius, lithuania, conference centre, hall b., Lithuania New Risk • May 06
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: zł37.4m (US$9.92m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Earnings have declined by 8.6% per year over the past 5 years. Market cap is less than US$10m (zł37.4m market cap, or US$9.92m). Board Change • Apr 23
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Chairman of the Board Gediminas Almantas was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Mar 28
Novaturas AB to Report Fiscal Year 2024 Final Results on May 12, 2025 Novaturas AB announced that they will report fiscal year 2024 final results at 1:00 PM, USSR Zone1 on May 12, 2025 Reported Earnings • Mar 04
Full year 2024 earnings released: €0.32 loss per share (vs €0.46 profit in FY 2023) Full year 2024 results: €0.32 loss per share (down from €0.46 profit in FY 2023). Revenue: €200.8m (down 3.6% from FY 2023). Net loss: €2.51m (down 170% from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Announcement • Mar 01
Novaturas AB Provides Operations Earnings Guidance for the 2025 Novaturas AB provided operations earnings guidance for the 2025. For the period, the company forecasts serving 170 thousand - 190 thousand passengers in the Baltic States and generating revenues of EUR 150 million - EUR 170 million in 2025. Board Change • Feb 07
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Chairman of the Board Gediminas Almantas was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 12
Third quarter 2024 earnings released: €0.37 loss per share (vs €0.21 profit in 3Q 2023) Third quarter 2024 results: €0.37 loss per share (down from €0.21 profit in 3Q 2023). Revenue: €61.1m (down 5.0% from 3Q 2023). Net loss: €2.88m (down 277% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 18% per year whereas the company’s share price has fallen by 20% per year. Announcement • Oct 04
Novaturas AB Appoints Darius Undzenas as Chief Financial Officer, Effective October 7, 2024 Novaturas AB announced that Darius Undzenas will take up the position of the company’s Chief Financial Officer from October 7. with Many Years of Comprehensive Experience in Financial Management, Mr. Undzenas Joins the Group’S Top Management Team in Lithuania, Latvia and Estonia. The new CFO of the company has more than 15 years of experience in various financial management positions in the transport and logistics industry, wholesale, retail and e-commerce. For the last 3.5 years, Mr. Undzenas has been the CFO of Transmeja, an international logistics group with over 1,200 employees. Prior to that, he spent almost three years as Head of Financial Control at Willgrow (then ME Investicija), which controls Europe’s largest asset-based transportation company Girteka Group, and was responsible for a large team in Lithuania, Poland and Germany. Prior to that, Mr. Undzenas was CFO of Berner Lietuva for 6.5 years and worked in finance departments of other companies. The new CFO of Novaturas Group emphasises that the main priorities after joining the company will be to ensure operational efficiency, to decide on alternatives for raising additional financial capital and to optimise the budget, as well as to strengthen the company’s finance team and develop its competences. Announcement • Jul 20
Novaturas AB Announces CFO Changes Novaturas Group announced a change in its management team. Vaidrius Verikas resigns as Chief Financial Officer on 19 July 2024 and the company is currently looking for a new candidate. While the selection process is underway, the role of CFO will be temporarily taken over by Aukse Kriauciunaite, the Senior Financial Controller of the company, who has international experience in financial accounting and reporting, tax advisory and other financial management areas. Announcement • May 30
Novaturas Starts Cooperation with the Lithuanian Start-Up MoreMins and Introduces New Service to Customers Novaturas is launching a new service with Lithuanian start-up MoreMins to make it cheaper and easier for its customers to use the internet outside the European Union. The company provides travellers with a multi-country eSIM mobile internet service that works on the networks of major operators in different countries. This allows you to enjoy high quality and low-cost mobile data throughout your trip, both in non-EU and EU countries. According to experts, this solution is much more secure than the WI-FI networks normally available in public places. Travellers often face high data roaming prices and poor connectivity when staying outside the EU, and trying to buy a SIM card from a local operator can be a real challenge. They are often sold in shops of dubious reliability, which are difficult to find without the help of the internet. However, even if you do find a point of purchase, the seller may ask for your ID and take a picture of it, raising suspicions about the security of your data. The challenges often go beyond the purchase of a SIM card from a foreign operator: you have to remove the SIM card you are using from your phone, and sometimes even have problems connecting to the local network. Hotels can also have problems if you only want to use the internet in hotels, where Wi-Fi connections can sometimes be poor, with speed or usage limits. Kristijonas Kaikaris, CEO of Novaturas, says that for some time now, it has been noticed that customers have been asking more and more questions about internet access during their trips, so it was decided to find an innovative solution. Some travellers are familiar with the high internet tariffs in non-EU countries, but it still comes as a surprise to less frequent visitors. The current prices often force us to use the internet without or with limited access, for example, only Wi-Fi connection provided in the hotel, which can be weak or erratic. But nowadays, the internet is becoming an integral part of travel, and the demand for it is growing - naturally, this is also true for customers. Buy Or Sell Opportunity • May 28
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to zł13.55. The fair value is estimated to be zł17.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 53% over the last 3 years. Meanwhile, the company has become profitable. Announcement • May 03
Novaturas AB Announces CFO Changes Novaturas Group announced changes in its management team. With a solid track record, Vaidrius Verikas joins the top management as the Group CFO on 2 May 2024. He will replace Vygantas Reifonas, who has been managing the finances of the company for more than a year and will pursue his career outside the organisation. Mr. Verikas, the new CFO of the company, worked for almost three years at Omniva, where he held the position of CFO, and later the position of CEO, and was a member of the Management Board. While working for Omniva, Mr. Verikas contributed to the successful implementation of major investment projects, organisational changes and double growth. Prior to that, the new CFO of Novaturas worked for the audit and tax advisory company PwC for seven years, where he was responsible for financial audit projects of the largest Lithuanian companies, assessment of internal control processes and other financial issues. He has extensive experience in organisational change management and has been recently involved in financial advisory activities. Announcement • Mar 07
Novaturas AB Announces the Outcome of the Legal Proceedings Against UAB Getjet Airlines Novaturas informed about the ruling of the Court of appeal of Lithuania of 7 March 2024 in the case of Novaturas v. GetJet Airlines regarding the circumstances related to the performance of the charter contract of 3 December 2018. The Court of appeal of Lithuania upheld the judgment passed by Vilnius Regional Court on 11 September 2023. It should be noted that in its judgment of 11 September 2023 Vilnius Regional Court partially upheld the claim of Novaturas and the counterclaim of GetJet Airlines. Although the court declared the termination of the contract by the company as of 28 December 2020 unlawful, it upheld the claim of Novemberaturas that the contract should be terminated by the court judgment as of 1 January 2021. The court also reduced the penalties claimed by GetJet Airlines to EUR 1.65 million. As GetJet Airlines had already used EUR 500thsnd. of the deposit paid by Novaturas to cover the penalties, the company was ordered to pay EUR 1.15 million in penalties, in addition to interest at the rate of 8% per annum calculated from 1 January 2021. The judgment will not have a significant impact on the operations and financial results of Novaturas. In 2023, the company accrued an amount for the fulfilment of the obligations imposed by the court and has also secured full payment of the remaining part. The ruling of the Court of Appeal of Lithuania and the judgment of Vilnius Regional Court have entered into force as of 7 March 2024 and shall be enforceable. Both parties shall have the right to file cassation appeals against the ruling of the Court of Appeal the Court of Appeal of Lithuania with the Supreme Court of Lithuania within three months. Filing of a cassation appeal per se will not suspend the validity of the Court of appeal of the Court of appeal of Poland and the judgment of Vilnus Regional Court. Novaturas will analyse this judgment and the arguments related to it and then decide on possible further actions. Reported Earnings • Feb 29
Full year 2023 earnings released: EPS: €0.47 (vs €0.10 loss in FY 2022) Full year 2023 results: EPS: €0.47 (up from €0.10 loss in FY 2022). Revenue: €208.6m (up 6.0% from FY 2022). Net income: €3.69m (up €4.50m from FY 2022). Profit margin: 1.8% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 120% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł16.20, the stock trades at a trailing P/E ratio of 5x. Average trailing P/E is 13x in the Hospitality industry in Poland. Total returns to shareholders of 13% over the past three years. Board Change • Feb 22
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Chairman of the Board Gediminas Almantas was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • Feb 02
Now 23% undervalued The stock has been flat over the last 90 days, currently trading at zł13.15. The fair value is estimated to be zł17.16, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 56% over the last 3 years. Meanwhile, the company has become profitable. Board Change • Jan 22
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Chairman of the Board Gediminas Almantas was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buying Opportunity • Jan 06
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be zł20.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 56% over the last 3 years. Meanwhile, the company has become profitable. Buying Opportunity • Dec 20
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 23%. The fair value is estimated to be zł19.53, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 56% over the last 3 years. Meanwhile, the company has become profitable. Announcement • Dec 13
Novaturas AB Announces CEO Changes Novaturas AB announced appointment of Kristijonas Kaikaris as CEO, who has extensive experience in managing international IT, aviation and transport companies, will take up the position of the company's CEO on 13 December this year. He will replace Vitalij Rakovski, who has been in the role until now. For the past three years, Kaikaris has been the CEO of CityBee, a car-sharing company. Before that, he was CEO of charter airline Small Planet Airlines for almost three years. Kaikaris has worked in the IT sector for a large part of his career, having spent four years in charge of the Lithuanian offices of international technology companies Microsoft and Oracle, as well as President and Member of the Board of the association Infobalt, and worked in the sales department of IBM. In Lithuania, the new head of the Novaturas Group is also known as a book author, active traveler and a Formula 1 enthusiast - he has been a commentator on the sport on TV for a long time. Reported Earnings • Nov 29
Third quarter 2023 earnings released: EPS: €0.21 (vs €0.25 in 3Q 2022) Third quarter 2023 results: EPS: €0.21 (down from €0.25 in 3Q 2022). Revenue: €64.3m (up 1.0% from 3Q 2022). Net income: €1.62m (down 16% from 3Q 2022). Profit margin: 2.5% (down from 3.0% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 113% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Board Change • Nov 07
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Chairman of the Board Gediminas Almantas was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to zł19.00, the stock trades at a trailing P/E ratio of 4.4x. Average trailing P/E is 24x in the Hospitality industry in Poland. Total returns to shareholders of 148% over the past three years. Board Change • Oct 18
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Chairman of the Board Gediminas Almantas was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Sep 13
Novaturas AB Announces About the Judgement of Vilnius Regional Court of 11 September 2023 in the case between the Company and GetJet Airlines UAB Novaturas AB announced about the judgement of Vilnius Regional Court of 11 September 2023 in the case between the Company and GetJet Airlines UAB (GetJet) concerning the circumstances related to the performance of the charter contract of 3 December 2018 (the Contract). The Court of First Instance partially upheld the Company’s claim and GetJet’s counterclaim by declaring the Company’s termination of the Contract as of 28 December 2020 unlawful, while granting the Company’s claim that in such a case, the Contract should be terminated by a court decision as of 1 January 2021. In addition, the Court reduced GetJet’s claim for liquidated damages to EUR 1.65 million. As GetJet had already used EUR 500 thsnd. of the Company’s deposit to cover the liquidated damages, the Company was ordered to pay EUR 1.15 million in liquidated damages, together with interest at the rate of 8% per annum calculated from 1 January 2021. The Company was ordered to pay EUR 3.8 thousand. for services rendered, together with interest at the rate of 8% per annum from 15 November 2020. All other claims of the parties were dismissed. The preliminary assessment is that the judgment will not have a significant impact on the company’s operations. Moreover, the judgment of the Court of First Instance is not final, nor is it conclusive, and may be appealed against to the Court of Appeal within 30 days. The Company will analyse this judgment and the arguments related to it and decide on possible further action. Reported Earnings • Aug 30
Second quarter 2023 earnings released: EPS: €0.32 (vs €0.15 loss in 2Q 2022) Second quarter 2023 results: EPS: €0.32 (up from €0.15 loss in 2Q 2022). Revenue: €62.9m (flat on 2Q 2022). Net income: €2.48m (up €3.64m from 2Q 2022). Profit margin: 3.9% (up from net loss in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to zł16.90, the stock trades at a trailing P/E ratio of 13.6x. Average trailing P/E is 27x in the Hospitality industry in Poland. Total returns to shareholders of 72% over the past three years. Announcement • Jun 22
Novaturas Appoints Gediminas Almantas as New Chairman Novaturas Group announced the election of a new Chairman of the Board of Directors, following the announcement of changes to the Board. Gediminas Almantas, an independent member of the new Board, has been appointed as the new Chairman. Gediminas Almantas has more than 17 years of experience in various companies. Previously he worked at Copenhagen Airport, held the position of Director General of Lietuvos oro uostai for 4 years, and currently is a member of the Board of Directors and chairs the Audit Committee of Lietuvos oro uostai. As an independent member and chairman, he has extensive experience on other boards as well – Mr. Almantas has been a board member of EPSO-G Group for 7 years and the chairman of the board for 4 years, the chairman of the Lithuanian Red Cross Society for 8 years, and is currently the chairman of the board of LTG Infra. He has been an independent member of the Board of Directors and a member of the Audit Committee of AB Oro Navigacija since 2018. Mr. Almantas areas of expertise include organisational governance, good governance, organisational development, crisis management, ethics and building trust in organisations. It should be noted that three members have been elected for a new company’s Board term: Tomas Korganas and Gediminas Almantas, who will join the Board, and Ugnius Radvila, who will continue to work in the Board. The new three-member Board aims to make decision-making even more efficient and flexible, which is a priority for the growing company. It will also help to ensure even greater involvement of the Board members in the strategic processes of the company, while maintaining a balance of different competences. Announcement • Jun 15
Novaturas Group Revises Earnings Guidance Novaturas Group announced that its earnings forecast announced at the beginning of the year has been revised upwards, based on stable growth and successful first three months, with an EBITDA of EUR 4 million – EUR 6 million (instead of EUR 3 million – EUR 5 million) and a net profit of EUR 2 million– EUR 4 million (instead of EUR 1 million – EUR 3 million). Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to zł20.50, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 25x in the Hospitality industry in Poland. Total returns to shareholders of 97% over the past three years. Board Change • Jun 09
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Chairman of the Board Virginijus Lepeska was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 17
Full year 2022 earnings released: €0.10 loss per share (vs €0.12 profit in FY 2021) Full year 2022 results: €0.10 loss per share (down from €0.12 profit in FY 2021). Revenue: €196.7m (up 80% from FY 2021). Net loss: €818.0k (down 190% from profit in FY 2021). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Reported Earnings • Nov 18
Third quarter 2022 earnings released: EPS: €0.25 (vs €0.003 loss in 3Q 2021) Third quarter 2022 results: EPS: €0.25 (up from €0.003 loss in 3Q 2021). Revenue: €63.7m (up 40% from 3Q 2021). Net income: €1.94m (up €1.96m from 3Q 2021). Profit margin: 3.0% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Reported Earnings • May 02
Third quarter 2021 earnings released: €0.003 loss per share (vs €0.19 loss in 3Q 2020) Third quarter 2021 results: €0.003 loss per share (up from €0.19 loss in 3Q 2020). Revenue: €45.6m (up €38.5m from 3Q 2020). Net loss: €24.0k (loss narrowed 98% from 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Board Change • Apr 28
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Chairman of the Board Virginijus Lepeska was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Dec 28
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Chairman of the Board Virginijus Lepeska was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Nov 13
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 4 non-independent directors. Independent Chairman of the Board Virginijus Lepeska was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Aug 07
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 4 non-independent directors. Independent Chairman of the Board Virginijus Lepeska was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 07
Second quarter 2021 earnings released: EPS €0.12 (vs €0.24 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €23.5m (up €23.4m from 2Q 2020). Net income: €929.0k (up €2.82m from 2Q 2020). Profit margin: 3.9% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Reported Earnings • Dec 04
Third quarter 2020 earnings released: €0.19 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: €7.08m (down 87% from 3Q 2019). Net loss: €1.45m (down 260% from profit in 3Q 2019). Valuation Update With 7 Day Price Move • Nov 14
Market bids up stock over the past week After last week's 15% share price gain to €9.80, the stock is trading at a trailing P/E ratio of 10.2x, up from the previous P/E ratio of 8.8x. This compares to an average P/E of 22x in the Hospitality industry in Europe. Total return to shareholders over the past year is a loss of 64%. Valuation Update With 7 Day Price Move • Nov 06
Market bids up stock over the past week After last week's 18% share price gain to €8.50, the stock is trading at a trailing P/E ratio of 9.2x, up from the previous P/E ratio of 7.8x. This compares to an average P/E of 20x in the Hospitality industry in Europe. Total return to shareholders over the past year is a loss of 69%. Is New 90 Day High Low • Oct 30
New 90-day low: zł7.20 The company is down 16% from its price of zł8.55 on 31 July 2020. The Polish market is down 15% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Hospitality industry, which is down 30% over the same period.