Novaturas

Investor Presentation • Feb 28, 2025

February 28, 2025

Disclaimer

This presentation has been prepared by the management of AB Novaturas, with its registered office at A. Mickevičiaus g. 27, LT-44245, Kaunas, Lithuania (the "Company" or "Novaturas").

This presentation does not constitute or form any part of any offer or invitation or inducement to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of Novaturas, nor shall it or any part thereof or the fact of its distribution form the basis of, or be relied on in connection with, any contract, therefore.

The information and opinions contained herein are provided as at the date of this presentation and are subject to change without notice. Neither the Company nor its affiliates or advisers, representatives are under an obligation to correct, update or keep current the information contained in this presentation or to publicly announce the result of any revision to the information and opinions made herein. Furthermore, neither the delivery of this presentation nor any further discussions of the Company and/or its group with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date.

Neither this presentation nor any copy of it not the information contained in it may be taken or transmitted into the United States, the United Kingdom, Canada, Australia or Japan or distributed, directly or indirectly, in the United States, the United Kingdom, Canada, Australia or Japan or to any resident thereof.

Forward looking statement disclaimer

This presentation contains forward looking statements. These statements are based both on assumptions and estimates. Although the Company believes that these future-related statements are realistic, however these also assumes degree of uncertainties, which are inherent to the events of future. Therefore the Company can not and does not guarantee them and hereby also states that actual results could differ from the expected. The Company does not intend or assume any obligation to update any forward looking statement to reflect events or circumstances after the date of these materials.

• Income increased by 16.6% to 48M Eur compared to Q4, 2023
• Net profit 2,6M Eur (Q4 2023: -3M Eur)
• EBITDA 3,3M Eur (Q4, 2023: -1,5M Eur)
• Passengers served: 47,6K (Q4, 2023: 49K)
• Higher load factor of 98.9% compared to 96.7% in Q4, 2023
• Steady customer NPS at 51%

Year 2024: successful Q4 allowed to improve the forecasted results

• Post H1 forecast: EBITDA -4.1M Eur, a net loss 5.1M Eur. Improved forecast after a profitable start of autumn: EBITDA -2M Eur, a net loss 3.4M Eur
• The end of the year was even more successful with an EBITDA of EUR -863K and a net loss of EUR 2,5 mln. EUR
• Income: 201M Eur (-3,6% compared to 208.3M in 2023)
• Passengers served: 239K (-7.6% compared to 259K in 2023)

Key financials

Quarterly Sales • 16.6% increase in revenue compared to the fourth quarter last year
• 3% decrease in passenger numbers (1.5k less) compared to Q4 2023
Quarterly EBITDA performance
• EBITDA (excluding one-offs) reached 2.3 million EUR, an increase of 548% compared to -0.5 million EUR in the
third quarter of last year.
Quarterly Gross Profit and Margins • Gross profit increased to 8.2 mEUR (Q4 2023 – 3.0
mEur) • Gross profit margin at 17% (Q3 2023 – 7.2%)
Load Factors • Steady high level load factor of 95.7%
• High load factor due to continued flight optimization
Sales Profit Per Passenger • Maintained gross profitability per customer despite 2024
challenges however not enough to cover operation expenses

* EBITDA = profit before tax + amortisation / depreciation + interest expenses - interest income

**Sales profit = gross profit - commission expenses

Markets performance

			12M 2024
Eur '000	Consolidated	Intra elim.	AIP	LT	LV	EE
Sales	200,837	(9,876)	29	117,021	44,740	48,923
Cost of sales	(180,606)	6,359	(5)	(102,610)	(40,133)	(44,217)
Gross profit	20,231	(3,517)	24	14,411	4,607	4,706
Sales and marketing expenses	(17,013)	2,059	(5)	(8,755)	(5,033)	(5,279)
General and administrative expenses	(4,687)	1,458	(17)	(4,074)	(926)	(1,128)
Other operating income	68			(57)	33	122
Other operating expenses	64			81		(17)
Profit from operations	(1,307)		Ol	1,606	(1,319)	(1,596)
Finance income	2,142	(684)		1,562	155	1,109
Finance (expenses)	(3,351)	685		(3,276)	(301)	(459)
Profit before tax	(2,516)	1	2	(108)	(1,465)	(946)
Income tax	2	(1)	(1)	10	(7)
Net profit	(2,514)	1	1	(98)	(1,472)	(946)

Income distribution

• Income for 12M 2024 distributes as follows: 56% LT, 21% LV and 23% EE

Gross profits

• Gross profits resulting 12M 2024 as positive: LT 12.3%, LV 10.3% and EE 9.6%

Operating profits

• Operating profit rate resulted for 12M 2024: LT 1.4%, LV –2.9% (negative), EE –3.3% (negative)

36% 37% 35% 21% 25% 24% 14% 14% 14% 29% 23% 27% 0% 20% 40% 60% 80% 100% 120% 2022 2023 2024 Sales salaries and related taxes Admin salaries and related taxes Advertising and marketing expenses Other

Q4 Expense Overview

• S GA to income % decreased due to higher sales compared to last year, however S&GA expenses amount and structure remains similar.
• Sales and marketing expenses (excluding commissions) decreased by 12.8% compared to the same quarter last year.

Marketing Dynamics

• Salaries and related taxes were lower compared to the previous year, reflecting adjustments in response to the financial performance of the year.
• Advertising and marketing expenses remained at the same level despite lower sales, as the enhanced focus on own channels and market diversification required steady investment in advertising and marketing.

Passenger Trends

• Q4 2024 increased in Lithuania (28k), while slight decline in Latvia (9.5k) and Estonia (10.1k),
• 12M 2024 decline in Lithuania (136.4k) and Estonia (52.4), while slight increase in Latvia (50.7k)
• Total served 239.4k in 12M 2024 7.6% less compared to 12m 2023 (259.2k).

2022 2023 2024

2022 2023 2024

Pax served (2)

Growth in Emerging Markets

• Passenger share for other destinations excluding top 3 the most demanded in Q4 (Turkey, Egypt, Canary Island) including long hauls increased from 27% in Q4 2022 to 33% in Q4 2024.

Market Dynamics

• Reduced dependency on Turkey from 39% in 2022 to 34% in 2024 as well as on Greece from 15% in 2022 to 13% in 2024.
• The number of long-haul destinations will increase from 12 in 2023 to 13 in 2024.

Customer perspective (1)

NPS Growth

• Steady above 50% - increase from 37% in 2023 Q1 to 51% in 2024 Q4, however slight decrease compared to Q1 and Q2 of 2024.

Market NPS

• Q4 2024: Lithuania 54%, Latvia 68%, Estonia 42%
• Estonia's Q1 2023 to Q4 2024 growth: 11% to 42%

Top Rated Destinations

• Q4 2024: Tenerife, Alanya, Tunisia, Antalya, Sharm-El-Sheikh. 12M 2024: Crete (West and East), Burgas, Sharm-El-Sheikh, Antalya, Rhodes, Tenerife.

2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4

Customer perspective (2)

Sales Timing

• Numbers of travels booked earlier than 3 months increased by 6% in Q4 2024 compared to Q4 2023.
• Compared 2024 12M with 2023 12M, earlier travel planning and purchases were noticed less commonly by 1%.

< 3m.adv. > 3m.adv.

Customer perspective (3)

On-Time Flight Performance

• Q3 2024 OTP remains at 77%, the same as in Q4 2023, higher than Q1 and Q2 2024.

Flight Delays Reduction

• Delays over 3 hours have been reduced from 8 to 1 compared to Q4 2023.

Operational efficiency

Load factor:

• Q4 2024 load factor stood at 98.9%, up by 2.2 percentage points from 96.7% in Q4 2023, reflecting strong capacity management efficiency.
• The annual load factor increased to 95.7% (vs. 95.5% in 2023).
• Load factor increased by markets in 12M 2024: LT by 2.1%, LV remained at the same level, EE by 2.5%

Loads by countries 12M

2022 2023 2024

Distribution

• •
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• •

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• •

5% 6,1% 5,7% 5,7% 6,1% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 0% 20% 40% 60% 80% 100% 2023-Q4 2024-Q1 2024-Q2 2024-Q3 2024-Q4 B2B WEB+GDS Own retail Effective commission rate (%)

•

•

• •
• •
• •
• •
• •

B2B WEB+GDS Own retail

Forward ) looking statement

150 – 170 mEUR revenue in 2025

170 – 190 k passengers in 2025

Expected 2025 EBITDA 3 mEUR Net Profit 2 mEUR

Tactical objectives

• 1. Embrace Al tools for generation of Hotel
  2. descriptions and Pros & Cons summary from customer reviews
• Launch hybrid packaging oi
• 1. Drive early sales
• 1. Seek operational efficiency
• 1. Assess strategic alternatives

Main ratios

		12 months		C			Fourth quarter		△
Financial ratios (Eur'000)	2024	2003	2022	24/23	23/22	2024	2093	2099	24/93	23/22
Sales	200,837	208,331	196,676	-3.6	+5.9	48,412	41,507	41,369	+16.6	+0.3
Gross profit	20,231	26,260	18,793	-23.0	+39.7	8,225	2,970	3,518	+176.9	-15.6
Operating profit	(1,307)	4,374	રૂડિયા જિલ્લામાં આવેલું એક ગામનાં મુખ્યત્વે ખેત-ઉ	-129.9	+18,577.4	2,720	(2,788)	(1,177)	-197.6	+136.9
EBITDA*	(863)	5,274	35	-116.4	+14,968.6	3,259	(1,496)	287	-317.8	-621.3
Profit before taxes	(2,516)	3,886	(954)	-164.7	-507.6	2,654	(3,048)	(1,127)	-187.1	+170.5
Net profit for the period	(2,514)	3,405	(1,017)	-173.8	-435.0	2.643	(2,962)	(1,176)	-189.2	+151.9
Relative indicators
Number of ordinary registered shares	7,807,000	7,807,000	7,807,000			7,807,000	7,807,000	7,807,000
Earnings per share (EUR)	(0.32)	0.44	(0.13)	-0.76	+0.57	0.34	(0.38)	(0.15)	+0.72	-0.23
Gross profit margin (%)	10.07	12.60	9.56	-2.5 pp	+3.0 pp	16.99	7.16	8.50	+9.8 pp	-1.3 pp
Operating margin (%)	(0.65)	2.10	0.01	-2.8 pp	+2.1 pp	5.62	(6.72)	(2.85)	+12.3 pp	-3.9 pp
EBITDA margin (%)	(0.43)	2.53	0.02	-3.0 pp	+2.5 pp	6.73	(3.60)	0.69	+10.3 pp	-4.3 pp
Profit before taxes margin (%)	(1.25)	1.87	(0.48)	-3.1 pp	+2.4 pp	5.48	(7.34)	(2.72)	+12.8 pp	-4.6 pp
Net profit margin for the period (%)	(1.25)	1.63	(0.52)	-2.9 pp	+2.2 pp	5.46	(7.14)	(2.84)	+12.6 pp	-4.3 pp
Return on assets (ROA) (%)	(5.42)	6.83	(1.83)	-12.2 pp	+8.7 pp	5.69	(5.94)	(2.12)	+11.6 pp	-3.8 pp
Return on equity (ROE) (%)	(17.46)	20.10	(7.45)	-37.6 pp	+27.5 pp	18.35	(17.48)	(8.62)	+35.8 pp	-8.9 pp
Debt / equity ratio (%)	67.47	51.61	65.49	+15.9 pp	-13.9 pp	67.47	51.61	65.49	+15.9 pp	-13.9 pp
Equity ratio (%)	31.02	33.99	24.54	-3.0 pp	+9.4 pp	31.02	33.99	24.54	-3.0 pp	+9.4 pp
Actual profit tax rate (%)	0.08	12.38	(6.61)	-12.3 pp	+19.0 pp	4.41	2.82	(4.35)	+1.6 pp	+7.2 pp
Total liquidity ratio	54.13	71.50	66.51	-17.37	+4.98	54.13	71.50	66.51	-17.37	+4.98

* EBITDA recalculated to include all non interest related financial items (i.e. forex, derivative results etc.)

Consolidated statements of comprehensive income

	12M		Fourth quarter
Eur'000	2024	2023	2022	2024	2023	2022
Sales	200,837	208,331	196,676	48,412.0	41,507	41,369
Cost of sales	(180,606)	(182,071)	(177,883)	(40,187.0)	(38,537)	(37,851)
Gross profit	20,231	26,260	18,793	8,225	2,970	3,518
Sales and marketing expenses	(17,013)	(17,259)	(15,708)	(4,128)	(4,144)	(3,875)
General and admin expenses	(4,687)	(4,372)	(3,532)	(1,347)	(1,248)	(1,253)
Other operating income	08	485	469	27	374	430
Other operating expenses	64	(740)		(57)	(740)	3
Profit from operations	(1,307)	4,374	ર્ટિક	2,720	(2,788)	(1,177)
Finance income	2,142	1,210	1,193	1,137	161	920
Finance (expenses)	(3,351)	(1,698)	(2,170)	(1,203)	(421)	(870)
Profit before tax	(2,516)	3,886	(954)	2,654	(3,048)	(1,127)
Income tax	O	(481)	(୧3)	(11)	86	(49)
Net profit	(2,514)	3,405	(1,017)	2,643	(2,962)	(1,176)
Other comprehensive income
Change in cash flow hedge			3
Impact of income tax
Total comprehensive income for the year	(2,514)	3,405	(1,014)	2,643	(2,962)	(1,176)
Net profit attributable to:
The shareholders of the Company	(2,514)	3,405	(1,017)	2,643	(2,100)	(799)
Non-controlling interests
	(2,514)	3,405	(1,017)	2,643	(2,100)	(799)
Total comprehensive income
attributable to:
The shareholders of the Company	(2,514)	3.405	(1,014)	2.643	(2,100)	(796)
Non-controlling interests
	(2,514)	3,405	(1,014)	2,643	(2,100)	(796)
Earnings per share (EPS) for continuing operations:
Basic and diluted, profit for the year
attributable to ordinary equity holders of the parent (in EUR)	(0.32)	0.46	(0.10)	0.34	(0.24)	(0.08)

Consolidated balance sheet

		As at 31 December
Eur 000	2094	9093 2002
ASSETS
Non-current assets
Goodwill	30,327	30,327	30,327
Intangible assets	736	809	627
Property, plant and equipment	ଚିତ୍ର	135	83
Right-of-use assets	496	358	338
Long term receivables	10	3	128
Deferred income tax asset	526	526	872
Total non-current assets	32,121	32,158	32,375
Current assets
Inventories
Prepayments and deferred expenses	8,932	11,683	19,251
Trade accounts receivable	1.401	907	518
Prepaid income tax	53	ঘ	য
Other receivables	058	1,754	672
Other current financial assets
Restricted cash	3,310		200
Cash and cash equivalents	349	3,347	2,570
Total current assets	14,303	17,695	23,215
Total assets	46,424	49,853	55,590

		As at 31 December
Eur '000	2094	2003	2021
EQUITY AND LIABILITIES
Share capital	234	234	234
Cash flow hedge reserve		O
Own shares acquired	(183)	(183)
Own shares acquisition reserve	1,250	1,250	1,250
Legal reserve	09	ಲ್ಲೊ	09
Foreign currency translation reserve	145	145	145
Retained earnings	12,926	15,469	11,984
Equity attributable to parent	14,401	16,944	13,642
Non-controlling interests
Total equity	14,401	16,944	13,642
Non-current liabilities
Non-current borrowings	5,365	7,940	6,865
Deferred tax liability
Non-current lease liabilities	035	035	179
Other non current liabilities
Total non-current liabilities	5,600	8,175	7,044
Current part of non - current borrowings	3,885	749	1,975
Current borrowings
Trade payables	4,654	3,854	14,272
Advances received	14.043	14.228	15,716
ncome tax payable	6	132	6
Other current liabilities and accrued ex	3,603	5,398	2,747
Current lease liabilities	230	166	188
Other current financial liabilities		099
Total current liabilities	26,423	24,749	34,904
Total equity and liabilities	46,424	49,868	55,590

Consolidated cash flow statement

	12M			Fourth quarter
Eur'000	2094	2003	2099	2024	2093	2099
Net profit	(2,514)	3,405	(1,017)	2,641	(2,100)	(799)
Adjustments for non-cash items	1,890	2,407	844	687	784	212
Changes in working capital	2,271	(2,819)	4,008	(6,106)	(7,610)	(4,454)
Net cash flows from operating activities	1,647	2,993	3,835	(2,778)	(8,926)	(5,041)
Net cash flows from investing activities	(532)	(୧୦୨)	(500)	(375)	(172)	(207)
Loans received	4,800	6,000			2,000	(5,000)
Loans repaid	(4,232)	(6,158)	(5,486)	(846)	(264)	640
Interest paid	(1,087)	(1,139)	(173)	(154)	(424)	(192)
Lease paid	(283)	(261)	(225)	(283)	(261)	(225)
Shares buyback		(249)			(249)
Dividends paid
Net cash flows from financing activities	(802)	(1,807)	(6,484)	(1,283)	800	(4,177)
Net change in cash flows	313	577	(3,149)	(4,436)	(8,296)	(10,025)
Cash & equivalents at beginning of period	3,347	2,770	5,919	8,096	11,643	12,795
Cash & equivalents at close of period	3,660	3,347	2,770	3,660	3,347	2,770

Shareholders structure

• Willgrow, UAB
• Mr. Ugnius Radvila
• Moonrider, OÜ
• Mr. Vidas Paliūnas
• Mr. Rytis Šūmakaris
• AB Novaturas
• Others (free float)

Company information

Name	Position	Voting rights owned (%)
Mr. Gediminas Almantas	Independent member, chairs the board
Mr. Tomas Korganas	Member of the board
Mr. Ugnius Radvila	Member of the board	9,49%
Mr. Kristijonas Kaikaris	CEO
Mrs. Ieva Galvydienė	CCO
Mrs. Rasa Barysienė	CSO
Mr. Darius Undzenas	CFO

Novaturas group PLC

Registered address:

Mickevičiaus str. 27, LT-44245 Kaunas, Lithuania

www.novaturasgroup.com

Registered under number 135567698 in Lithuania Company established: 16/12/1999

Stock Listing: Warsaw Stock Exchange Nasdaq Vilnius Stock Exchange

Contact information: Darius Undzenas CFO

mob. +370 678 05749 darius.undzenas@novaturas.lt

n�vaturas