Novaturas Taps Veteran Aleksejs Kriscuks to Helm Baltic Tour Giant

VILNIUS, LITHUANIA – April 24, 2026 – Baltic tour operator Novaturas Group has announced a significant leadership transition, appointing industry veteran Aleksejs Kriscuks as its new Chief Executive Officer, effective April 25. The move marks a new chapter for the company as it navigates an evolving and competitive travel market. Kriscuks steps into the role following the departure of Ieva Galvydiene, who leaves the company to pursue new professional opportunities.

The change at the top was met with a vote of confidence from the company's board. “We are pleased to welcome Aleksejs Kriscuks as CEO of Novaturas Group," stated Gediminas Almantas, Chairman of the Board. "With over 20 years of experience in the tourism sector and a strong track record across both travel agencies and tour operators, he brings deep operational expertise and proven leadership. We are confident that under his leadership, Novaturas will strengthen its position in the Baltics and continue to create sustainable value for its stakeholders.”

A New Captain with Deep Operational Roots

Aleksejs Kriscuks is no stranger to the complexities of the tourism industry or, more recently, to Novaturas itself. He joined the group in early 2026 as Chief Operational Officer (COO), tasked with reinforcing the company's day-to-day operational frameworks. His appointment to the top job just a few months later suggests his impact was immediate and that the board sees his operational acumen as critical for the company's next phase.

His career, spanning over two decades, includes significant leadership positions that have shaped his expertise. Before his brief but impactful tenure as COO, Kriscuks served as the executive director of the international tour operator "GoAdventure Latvija" and previously worked with "Anex Tour". This extensive background, which covers both the tour operator and travel agency sides of the business, provides him with a holistic view of the travel ecosystem. This experience will be crucial as Novaturas aims to enhance its partnerships and streamline its services.

“Novaturas is a well-established and trusted brand in the Baltic region, with a strong team and loyal customer base," Kriscuks said in a statement. "I am excited to join the company at this stage and look forward to working together to enhance operational efficiency, strengthen partnerships, and create even greater value for our customers.”

His leadership journey has not been without its challenges, which have likely forged a resilient and pragmatic approach. During his time at "GoAdventure Latvija," the company navigated operational difficulties, providing Kriscuks with firsthand experience in crisis management and customer relations in a high-stakes environment. This battle-tested background may prove invaluable for a major operator like Novaturas.

A Legacy of Profitability and Strategic Pruning

Kriscuks inherits a company that has undergone a significant strategic realignment. His predecessor, Ieva Galvydiene, who first joined Novaturas in 2006 and rose through the ranks to become CEO in October 2025, leaves behind a legacy of disciplined transformation. During her tenure, the company deliberately shifted its focus from high-volume sales to enhanced profitability.

In 2025, amidst intense market competition and an oversupply of travel options, Galvydiene's strategy involved intentionally reducing passenger volumes to concentrate on higher-margin destinations and optimized travel programs. While this led to a year-over-year decrease in revenue to EUR 168 million and a drop in passengers to 191,000, the financial results validated the approach. The company's adjusted EBITDA swung from a negative EUR 449,000 in 2024 to a positive EUR 420,000 in 2025. Furthermore, the annual net loss shrank by 39% to EUR 1.17 million.

Operational metrics also improved under her watch, with the aircraft load factor increasing to an impressive 97.2% in 2025. Galvydiene, a long-serving executive, was praised for her dedication upon her departure. "We sincerely thank Ieva for her many years with Novaturas and for the energy and commitment she brought to the company," Almantas commented. "She has played an important role in strengthening the organization and guiding it through change."

This strategic pivot provides Kriscuks with a more financially stable and operationally efficient foundation. The groundwork has been laid for profitable growth, with early bookings for the 2026 summer season already up 59% by the end of 2025, bolstered by the introduction of new, attractive destinations like Morocco and Mallorca.

Competing in a Dynamic Baltic Market

The leadership change at Novaturas comes as the Baltic tourism market is experiencing a period of robust growth and dynamic change. With economies in Lithuania, Latvia, and Estonia showing positive GDP growth forecasts for 2026 and wage increases outpacing moderating inflation, the propensity for outbound travel among Baltic residents is strong.

Lithuania and Latvia have been highlighted as some of Europe's fastest-rising tourism destinations, and domestic travel within the region is also booming. Package travel, Novaturas's core business, remains highly popular for key destinations like Turkey, Greece, and Egypt. This favorable macroeconomic environment presents a significant opportunity for a market leader.

However, the landscape is not without its challenges. The very competition that prompted Novaturas's strategic shift in 2025 remains fierce. Tour operators across the region are vying for market share, putting constant pressure on pricing and innovation. Kriscuks' challenge will be to leverage the company's established brand and newfound operational efficiency to not only defend its market-leading position but also to drive sustainable growth. His deep operational expertise aligns perfectly with the company's recent strategic direction, suggesting a continued focus on efficiency, cost management, and smart expansion of its hotel and destination portfolio to maintain a competitive edge.

Initial market reaction to the CEO change has been calm, with Novaturas's stock (NTU1L) on the Nasdaq Baltic exchange remaining stable. This suggests that investors view the transition as a logical progression, placing a seasoned operational expert at the helm to build upon the strategic groundwork laid over the past year. As the peak travel season approaches, all eyes will be on how the new CEO steers the ship, balancing the pursuit of profitability with the ambition for growth in one of Europe's most dynamic travel markets.