Recap of the Year

As the year comes to an end, we reflect on a journey filled with achievements and remarkable growth. In aviation, it's never just smooth sailing, but the waves are what keep us steering the wheel in the right direction. From welcoming new clients on board, making our processes more effective, to attending global exhibitions and hosting memorable events to connecting with talent at career fairs, this year has been full of exciting milestones.

This year, every department had its fair share of success and incredible new achievements. After all, standing still has never been our style. Let’s take a closer look at the highlights from each department!

Strengthening Our Foundations for the Future

This year, our Base Maintenance department has truly stepped up, from expanding our service offerings to building a stronger team. Here’s a look at the key highlights that marked an exciting year for the Base Maintenance department:

Introducing the Sensus MRO System

We officially launched the use of Sensus MRO software at our hangars in Kaunas and Vilnius, Lithuania, developed and tailored specifically for our MRO business. This system is designed to enhance our operational efficiency. With LEAN approach to our bays system, we only needed a custom-made software which helps us to further optimize the processes.

Expanding Our Aircraft Maintenance Scope

Our team has successfully expanded the scope of aircraft types we serve, now including the Embraer 135/145 and Bombardier CL-600. Additionally, we have started the certification process to provide maintenance for the Embraer ERJ190 series and Boeing 737-8/9 (MAX).

Opening of Bali Hangar

In November 2024, we expanded our global presence with the opening of a state-of-the-art hangar in Bali, Indonesia. This new facility enhances our ability to provide comprehensive base maintenance services to clients across both the Asia-Pacific and Australia regions. Equipped with advanced infrastructure and a skilled workforce, we are well-positioned to meet the growing demand for high-quality MRO services throughout these regions.

Hangar in the Caribbean

We have initiated the process of obtaining base maintenance FAA approval for our hangar in Punta Cana. With the hangar already halfway built, we look forward to sharing news of our new certification next year.

Growth in Team and Expertise

We have added a number of new clients at our hangars in Lithuania. To serve our clients even more efficiently, we added 140 new team members to our Base Maintenance teams, representing a 30% growth this year. Additionally, 11 technicians were granted certifying staff titles, significantly enhancing our capabilities.

Future Plans

Looking ahead, we are excited about what the next year will bring. We’re eagerly awaiting the upcoming launch of our hangar in Punta Cana, Dominican Republic. Furthermore, our focus on developing people remains a top priority. We are investing in the next generation of aviators, ensuring the future of our industry is in capable hands.

Expanding Horizons and Strengthening Global Presence

With over 70 line maintenance stations worldwide, all firing on all cylinders, we’ve made significant strides in 2024. From Europe to the Middle East, North America, and Asia-Pacific, we have strengthened our position as an independent global partner in aircraft maintenance, always willing to go the extra mile to keep the birds safely flying.

Maintenance in Europe

With Europe as strong as ever, our team brought the Airbus A220, one of the most modern aircraft types, under our wing and are now providing services to airlines operating this aircraft in Europe. In Germany, a focused effort at our Munich station resulted in over 10 new clients. Plans are already underway to replicate this success across other Central Europe airports, Scandinavia, and the Gulf region.

Middle East Advancements

2024 has been a standout year for our operations in the Middle East. Earlier this year, we proudly announced an enhancement to our GCAA approval, upgrading to L5 under CAR Part-145. This upgrade expands the scope of services we can provide at our UAE stations, strengthening our capabilities in the region. Over the course of the year, we delivered more than 60,000 man-hours, supported 200 flights with AUH Flying Spanners, completed over 200 borescope inspections, and performed 12 engine changes - solidifying our position as a leading MRO provider in the region.

Achievements in North America

With six line maintenance stations across Canada, 2024 has been a year to celebrate. We forged strategic collaborations with well-known airlines in North America, welcomed new partnerships with Avianca, British Airways, Flair, and Oman Air, further strengthening our global network. Additionally, our Montreal station was honored with the prestigious Gold Award from United Airlines for safety excellence, which serves as a proof to the dedication and expertise of our Canadian team.

Efficiency

To meet diverse client needs, we have streamlined our strategy for opening new line maintenance stations, offering On-Call, Transit and Daily Checks, and Full Scope services in an impressively fast manner. This efficiency ensures the swift and reliable establishment of stations, tailored to each airline's unique requirements at their desired locations.

As we move forward, our global expansion continues, and we remain committed to providing flexible, efficient, and reliable aircraft maintenance services to our growing network of clients worldwide.

2024 Going Strong as the 2nd Largest Wheels and Brakes Services Provider in the World

As 2024 draws to a close, we reflect on a year of substantial growth, achievements, and progress in our Wheels and Brakes services. From relocating to modern facilities and expanding our operations to embracing sustainability and strengthening client relationships, this year has marked a significant milestone in our journey.

Our commitment to serving our clients by focusing on state-of-the-art infrastructure, regulatory compliance, and eco-friendly initiatives, has proven to pay off. We have enhanced our capabilities and solidified our position as one of the industry leaders.

Relocation to Modern Facilities in Hanover

In early 2024, we successfully transitioned from our previous premises at Hanover International Airport to new, state-of-the-art facilities in Hanover. This move allowed us to continue our operations without disruption while improving efficiency and service delivery.

New Sustainable Facility in Budapest

In spring 2024, we completed the setup and certification of a new repair shop in Budapest, one of the most sustainable facilities in the region. This facility, developed in partnership with CTP Group, aligns with our ESG policies and includes renewable energy solutions and sustainable materials.

• 95% of component repairs are now conducted within our network.
• Over 15,000 more components have been repaired internally this year compared to the previous year.

Upcoming Facility in Bergamo

Our new Wheels and Brakes shop in Bergamo is nearing completion. With final preparations underway, we expect to receive new approvals by the end of Q1 2025.

Certifications & Regulatory Progress

In the meantime, in Budapest, Hungary, FAA approval is already in process, and we anticipate receiving certification soon.

Looking ahead, we are already anticipating what 2025 holds for us. With a focus on delivering unmatched quality in wheels and brakes services, we are well-equipped to meet the demands of an evolving aviation industry.

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Parts Trading and Engine Management Reach New Heights in 2024

FL Technics' Engine, Airframe, and Materials Services' team has achieved remarkable growth in 2024, with significant expansions in both parts trading and engine management. This year, the team experienced a 49% increase in revenue compared to 2019 (pre-Covid years), alongside a double as many engine repairs as last year.

Engine Services

In 2024, the Engine Services team in Kaunas, Lithuania, expanded its capabilities to include core engine removal and introduced heavy shop visits, solidifying FL Technics’ commitment to providing comprehensive aircraft engine solutions, particularly for the CFM56 family of engines.

Parts Trading

With strategically located warehouses in Lithuania, Germany, and Singapore, and a 24/7 support, we ensure a seamless supply of spare parts and repair services to clients across the globe. In 2024, we proudly served over 600 clients worldwide, marking this year as a transformative one for FL Technics.

Looking Ahead

As we move forward, we remain focused on maintaining our growth trajectory and enhancing our service offerings to meet the evolving needs of the aviation industry. With continued investments in engines, airframes, efficiency, and expertise, we are as ever committed to delivering reliable, cost-effective solutions to our clients and supporting the global aviation community.

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Shaping Aviation’s Future

FL Technics is redefining the aviation training landscape as an EASA Part-147 approved training organization, providing a comprehensive range of technical aviation training solutions worldwide. Whether in-person or online, our programs are designed to shape the careers of aviators and equip them with the skills needed for success.

Asia-Pacific Growth

Our Bangkok office has experienced remarkable growth, with 40% of our main revenue coming from the Asia-Pacific market, highlighting the rising demand for our services in the region.

New Certificates

Additionally, we've expanded our certifications with the Thai CAAT, UAE GCAA, and Vietnamese CAAV, further complementing our existing approvals.

Innovative Aircraft Type Recurrent Training

This year, we made significant progress towards our goal of offering comprehensive training programs by launching the innovative Aircraft Type Recurrent Training program. Specifically designed for aircraft maintenance certifying staff and airworthiness personnel, this program addresses industry challenges, such as the lack of suitable online recurrent training options.

Many current programs fall short in terms of both depth and quality, often relying on static PDF materials with limited interactivity. To address this, we have developed a training system that is constantly updated and focused on technical proficiency and regulatory compliance.

Online Training Expansion

Other key developments include the expansion of our online platform, 147training.com, now? introduced new General Familiarization program for the A220 aircraft.

Looking forward, we remain committed to delivering world-class training that meets the highest industry standards, continuously adapting to the evolving needs of the aviation sector. Our goal is to empower aviation professionals and support the global growth of the aviation industry.

Airworthy through 2024

A year of growth, adaptation, and remarkable achievements within the FL Technics Engineering Department. This year has been a pivotal one, marked by significant milestones, new capabilities, and a continued commitment to delivering top-tier engineering solutions.

Achievements and Milestones

In 2024, we successfully expanded our Continuing Airworthiness Management Organisation (CAMO) support, now overseeing more than 120 aircraft. This accomplishment reflects our dedication to maintaining fleet readiness for our partners and offering unparalleled engineering services that meet the highest industry standards.

Notable Industry Shifts

The aviation leasing landscape underwent significant changes this year, with operators opting for lease extensions instead of new transitions. This shift led to a decrease in aircraft transition projects across the industry. Despite this, our team swiftly adapted, focusing on providing seamless support and maintaining excellence in ongoing operations.

Certifications and Capability Enhancements

This year, we expanded our CAMO capabilities to include Airworthiness Reviews for the Airbus A330 and A220, broadening our service portfolio and positioning ourselves to meet the evolving needs of the aviation industry.

Team Growth

This year, our Engineering Department grew by 18%, strengthening our ability to handle complex projects and provide expertise efficiently. We remain committed to talent development and continue to focus on delivering exceptional service to our partners.

Looking Ahead

As we move into 2025, we anticipate steady demand for aircraft transitions, aligning closely with trends seen in 2024. Our focus will be on leveraging our expanded capabilities, enhanced team, and commitment to quality to continue providing exceptional support for our partners in the year ahead.

Design and production units mark a major expansion

FL Technics Design Organization Approval (DOA) and Production Organization Approval (POA) are core units tasked with helping our clients refurbish and customize their aircraft. The scope of their work covers Layout of Passenger Accommodation changes, fleet standardization, avionics, livery changes, and a whole range of other works related to aircraft interior and exterior.

Sewing Shop opening

Both DOA and POA units saw major operational expansion and a strategic pivot in our service focus in 2024. In response to evolving customer demands, we've seen our business gradually move from mere aircraft delivery support to fleet refurbishment and standardization. Thus, customized cabin interiors have become an area of increased focus. That is why we opened our own Sewing Shop, expanding and diversifying our in-house capabilities. “Our skilled experts who specialize in delivering aircraft design modification and production services ensure that every project meets the highest standards of efficiency and quality. We are proudly certified under EASA Part 21J and Part 21G,”, - comments Donaldas Barkauskas, Head of Aviation Design and Production at FL Technics.?“We also collaborate with a diverse network of partners to provide integrated solutions, including complete aircraft livery replacement, supported by extensive expertise in repainting all types of commercial aircraft.”

Facilities expansion

A major milestone this year was a 40% expansion of our facilities to accommodate the growing production unit and engineering team. We've strengthened our operational excellence through targeted LEAN A3 and Kaizen projects, focusing on production efficiency and engineering effectiveness.

Safety Management System Introduction

Additionally, we've successfully rolled out a Safety Management System across both our DOA and POA operations, completed our first repair projects for a Part-145 organization, and expanded our internal and external placard catalogs for various aircraft types.

Looking ahead to 2025, we anticipate the opening of a new Design Engineering office in Jakarta, along with several Supplemental Type Certificates (STCs) projects focused on seating layout modifications. These developments, combined with the growing capabilities of our in-house Design Engineering team, position us strongly for continued growth in the aircraft design and modification sub-sector.

A Year of Extraordinary Growth

Raimondo Gramaglia – Head of Sales and Development Logistics and Storage Department

As 2024 draws to a close, our logistics and freight forwarding operations stand as a testament to resilience, innovation, and excellence. This has been a year of soaring heights and ambitious journeys, both literally and figuratively. From a surge in shipment volumes to a reimagining of global freight routes, let us take you on a thrilling recap of our breakthrough year.

Quarter One: A Lift-Off to Remember

The year began with a roar, as air freight led the charge, comprising 58% of our shipments, while road freight accounted for 42%. The numbers were staggering: a 28.3% growth in shipments and a 25.2% increase in turnover compared to Q1 of 2023. Our department buzzed with activity, a sign of trust from our growing clientele.

Our routes told stories of dynamic trade:

• Top road freight routes: LT-LT, LT-GB, LT-PL, and GB-LT showcased robust European connections.
• Top air freight routes: US-LT and LT-IT dominated the skies, complemented by LT-AZ, LT-TR, and more.

Q1 wasn’t just about statistics—it was about laying a foundation of momentum for what was to come.

Quarter Two: Scaling Heights with Precision

Spring brought stability and refinement, with air freight continuing to dominate at 58%. The highlights? A 5.5% growth in shipments and a spectacular 27.5% surge in turnover from Q2 2023.

This quarter, road and air routes revealed shifting patterns:

• Top road freight routes: LT-DE and GB-GB emerged as powerhouses alongside LT-LT.
• Top air freight routes: The US remained a top partner, joined by emerging routes like LT-IL and US-GB.

The world of logistics never sleeps, and neither did we, continuously optimizing routes and operations.

Quarter Three: A Record-Breaking Revolution

Q3 was nothing short of transformative, delivering 77.2% shipment growth and a 76.3% turnover leap—our highest quarter yet!

For the first time, air and road freight stood shoulder to shoulder at 50% each, a balance reflecting versatility and strength.

Our most significant achievements included:

• Top road freight routes: DE-DE and GB-GB set new benchmarks, with LT-DE and FR-DE strengthening European links.
• Top air freight routes: US-LT and LT-IT continued to lead, joined by fresh routes like LT-IS and NL-IN.

This quarter was a reminder: when the world shifts, we rise to meet it.

Quarter Four: A Statement of Realism

Despite we still do not have the entire data since are missing few days till the end of the year 2024, we can definitely say that Quarter Four added another layer of realism to our performance, with shipments up 19% and turnover climbing by 37% compared to Q4 2023.

Notably, our freight split shifted, with 48% transported via air and 52% by road.

This quarter’s most intriguing trade flows included shipments originating from dynamic markets like Taiwan, Canada, and Turkey, and deliveries to vibrant destinations such as Argentina, Australia, and the United Arab Emirates.

Our logistics and freight forwarding operations in 2024 have reached remarkable milestones. Across the first three quarters, we consistently delivered exceptional results, with shipment volumes and turnover surging by over 20% year-on-year

As we conclude our yearly data, 2024 stands as a testament to our strength, flexibility, and growing global presence.

Beyond Borders: A Global Symphony

Throughout 2024, our reach extended to over 37 countries, spanning continents and bridging cultures. From the bustling ports of the USA and the dynamic cities of China to the emerging markets of Africa and the innovation hubs of Asia-Pacific, we left our mark.

• From Canada to Chile, we connected the Americas.
• Across Africa, from Senegal to Zimbabwe, we enabled commerce in promising regions.
• In Europe, we solidified our stronghold
• In Asia-Pacific saw us expand into Indonesia, Vietnam, Malaysia and beyond.

Each shipment wasn’t just a logistical feat—it was a story of collaboration, initiative, and progress.

A Year of Triumphs and Challenges

The numbers tell a powerful story of growth: three years of development, a year 2024 punctuated by record-breaking quarters, increased operational capacity, and ever-expanding trade routes.

Yet, it’s the collective effort of our entire logistics and storage team, clients, and partners that truly defines 2024.

Together, we’ve transformed challenges into opportunities, emerging as a global leader in logistics and freight forwarding business within the aviation industry.

As we look ahead to 2025, our mission remains unwavering: to connect the world, one shipment at a time, with precision, care, and innovation.

Adding Context from the Air Freight Market

Despite ongoing challenges in the global air freight market—including fluctuating fuel prices, capacity limitations, and economic uncertainties—our results have consistently outperformed industry averages.

According to market reports, global air freight volumes in 2024 experienced modest growth of approximately 2-3% year-over-year, driven by demand recovery in key regions.

IATA air cargo market analysis may 2024

DHL air freight state of the industry 2024

Unitex logistics Outlook for the Global Air Freight Market in 2024

In comparison, our air freight operations within the aviation industry grew substantially higher, contributing to a record-breaking shipment volume increase of 77.2% in Q3 alone.

Key highlights to emphasize:

• Resilience amidst volatility: While the industry faced a dip in early 2024 due to reduced consumer demand, we maintained steady growth across Q1 and Q2.
• Capacity optimization: The global industry grappled with capacity constraints, particularly in high-demand regions, yet we managed to expand our route offerings to underserved markets like Africa and Asia-Pacific.
• Competitive agility: As air freight rates saw slight declines in mid-2024, we leveraged this to expand our client base and secure new routes, notably in the Americas and Europe.

Air Freight Market Potential Prediction for 2025

Flexport? The Outlook for the 2025 Air Freight Market: Five Factors Shaping Global Cargo Volumes

Grandviewresearch? Air Freight Market Size, Share & Trends Analysis Report 2024 2030

1. Moderate Growth in Demand After the recovery-driven uptick of 2024, 2025 is likely to see steady but slower growth, with demand for air freight rising by approximately 3-5% year-over-year. Key drivers: Increasing e-commerce penetration, growing demand for high-value goods (electronics, pharmaceuticals), and the continuation of nearshoring trends in manufacturing.
2. Rate Stabilization with Regional Variability Freight rates, which dipped slightly in 2024 due to normalizing capacity, are expected to stabilize in 2025. However, regional imbalances may persist. High demand for routes between Asia and Europe or the Americas could drive up prices, while less saturated routes (e.g., intra-Africa or emerging Asia-Pacific lanes) may offer cost advantages.
3. Technology and Digitization Taking Center Stage The integration of AI and IoT into supply chains will accelerate. This includes real-time cargo tracking, demand forecasting, and the automation of routine tasks to improve efficiency. Companies investing in digitization will have a competitive edge, ensuring better customer service and quicker adaptability to market shifts.
4. Sustainability as a Market Driver With growing emphasis on environmental regulations and consumer demand for greener logistics, 2025 will see significant investment in sustainable air freight solutions. Expect the rise of alternative aviation fuels (SAF), improved fuel efficiency in aircraft, and carbon offset programs becoming standard offerings. Companies leading in sustainability will likely attract eco-conscious clients, securing a stronger market position.
5. Geopolitical and Economic Influences Uncertain geopolitical landscapes, including trade negotiations and sanctions, will influence key trade lanes. Companies diversifying their markets (e.g., investing in Africa and South America) will be better positioned to weather disruptions. Economic recovery in regions like Africa and Asia-Pacific may open new growth corridors, especially for smaller and mid-sized players.

Road Freight and Multimodal Integration in 2025

1. Equal Focus on Road Freight With air freight costs likely stabilizing at higher levels, road freight will play a critical role in balancing costs for clients. Efficient multimodal solutions combining air and road transport will become increasingly popular, particularly in Europe.
2. Electric and Autonomous Vehicles The shift toward electric and autonomous vehicles for road freight will gain traction, particularly in environmentally conscious regions like the EU. Logistics providers incorporating these technologies will likely see a competitive edge, particularly for short- and mid-haul deliveries.

2025 will likely be a year of moderate growth, sustainability advancements, and technological innovation in logistics and in particular into the transportation sector.

By staying ahead of these trends and leveraging 2024 achievements, our company is well-positioned to not only meet the market’s demands but set new benchmarks in operational excellence.

As we look ahead to the 2025, our focus remains on staying agile and forward-thinking in a constantly evolving aviation industry. With a stronger team, expanded capabilities, and a commitment to better serve aviation industry, we are ready to tackle new challenges and support our partners in achieving their goals. Together, we will continue to keep the skies safe and the aircraft airworthy.