Nordic Aviation Group

What Nordic Aviation Group does

Nordic Aviation Group AS is a Tallinn-headquartered, state-owned aviation holding company founded in 2015 by the Government of Estonia to preserve national air connectivity after Estonian Air ceased operations. The group operated through two wholly-owned Capacity Provider Airline (CPA) brands — Nordica and Xfly — providing long-term ACMI (Aircraft, Crew, Maintenance, and Insurance) wet-lease and dry-lease services, charter operations, and Public Service Obligation (PSO) route flying to major European carriers.

The company's core asset base comprised 19 aircraft across three types — 9 Bombardier CRJ900 NextGen regional jets, 7 ATR 72-600 turboprops, and 4 Airbus A320/A320NEO narrow-bodies — supported by an in-house PART145 maintenance organization, the proprietary Xfly Flight Academy (offering MPL pilot training), and a 700-strong aviation workforce from 30 nationalities. Named ACMI customers included SAS, TAP, LOT, and Marabu, with operational bases across Tallinn, Stockholm, Copenhagen, Turku, Aarhus, Vilnius, Lisbon, Hamburg, and Munich.

Revenue was generated through negotiated, multi-month to multi-year ACMI block-rate contracts (managed services), charter flight fees (transactional), and PSO route subsidies (recurring government support); pricing was not publicly disclosed. Following SAS's September 2024 termination of its wet-lease contract, the collapse of a privatization bid by Lars Thuesen in November 2024, and the filing for bankruptcy of Nordic Aviation Group AS and Regional Jet OÜ on November 29, 2024 — with €38 million in residual liabilities — the company has ceased operations.

Name

Nordic Aviation Group

Legal name

AS Nordic Aviation Group

Website

https://nagroup.ee

Company type

Private

Founded year

2015

Operating status

Closed

Headcount range

501–1,000 employees

Short description

Nordic Aviation Group AS is an Estonian state-owned holding company that operated the Nordica and Xfly brands, providing ACMI wet-lease, charter, and PSO flight services to major European airlines using a 19-aircraft fleet. The company filed for bankruptcy on November 29, 2024.

Ownership category

akta.pro rank

Product category

Airline ACMI and Wet Lease Services

NAICS

Nonscheduled Chartered Passenger Air Transportation (481211), Nonscheduled Air Transportation (4812)

SIC

Air Transportation, Nonscheduled (4522)

akta.pro primary industry

ACMI / Wet-Lease Passenger Operators (THABADAA)

akta.pro secondary industry

Group & ACMI Charter Airlines (Ad-hoc/Wet Lease) (TLAFABAC)

Keywords

• ACMI aviation services
• Wet lease operations
• Regional airline capacity
• Charter flight services
• Pilot training academy

Headquarters

HQ city

Tallinn

HQ country

Estonia

HQ region

Europe

Offices9 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. ACMI Contracts: Long-term ACMI (Aircraft, Crew, Maintenance, and Insurance) production contracts for major European airlines. Provides complete aircraft solutions including crew, maintenance, and insurance, allowing airline partners to expand capacity without owning assets.
2. Wet Lease Services: Provides aircraft with full crew and operational support to airline partners. The company operated wet lease agreements with SAS including both Long Term Wet Lease and Short Term Wet Lease arrangements.
3. Charter Operations: Charter flight services for customers seeking ad-hoc or contracted charter capacity.
4. PSO (Public Service Obligation) Operations: Operations on routes with public service obligations, providing connectivity to less profitable but socially necessary routes.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Nordic Aviation Group operates as a Capacity Provider Airline (CPA), delivering long-term ACMI (Aircraft, Crew, Maintenance, and Insurance) wet lease and dry lease solutions to major European airlines under its Nordica and Xfly brands. The group also provides charter flight services, Public Service Obligation (PSO) route operations, in-house PART145 aircraft maintenance, and pilot training through the Xfly Flight Academy.

Product overview

Nordic Aviation Group is an Estonian state-owned aviation holding company (100% owned by Republic of Estonia) operating two Capacity Provider Airline brands: Nordica and Xfly. The group provides long-term ACMI (Aircraft, Crew, Maintenance, and Insurance) production services for major European airlines, as well as charter and Public Service Obligation (PSO) operations. The portfolio includes Xfly Flight Academy for pilot training and a PART145 maintenance unit. The fleet consists of 19 aircraft: 9 Bombardier CRJ 900 NextGen regional jets, 7 ATR 72-600 turboprops, and 4 Airbus A320/A320NEO aircraft. The company operated from bases across Europe including Stockholm, Copenhagen, Turku, Aarhus, Vilnius, Lisbon, Hamburg, and Munich, with headquarters in Tallinn. Note: As of November 29, 2024, Nordic Aviation Group filed for bankruptcy for both Nordica and Xfly brands.

Differentiator

Problem solved

Functional benefit

Brands

• Nordica: Capacity Provider Airline brand operating long-term ACMI production for major airlines in Europe
• Xfly
• Xfly Flight Academy

Products and services

• ACMI Wet Lease Services Complete aircraft solutions including aircraft, crew, maintenance, and insurance provided to major European airline partners under long-term wet lease contracts, enabling capacity expansion without capital investment in fleet.
• Dry Lease Services Aircraft lease arrangements provided to airline partners without crew or operational support, complementing the wet lease portfolio.
• Charter Flight Operations Ad-hoc and contracted charter flight services for tour operators, charter companies, and other customers seeking flexible aircraft capacity for passenger transport.
• PSO Route Operations Public Service Obligation route operations contracted with government authorities, providing connectivity to less profitable but socially necessary regional routes.
• Xfly Flight Academy In-house pilot training program delivering MPL (Multi-Crew Pilot Licence) training to address the global pilot shortage, providing immediate employment to graduates within the group.
• PART145 Aircraft Maintenance In-house Part-145 certified maintenance capability under the Xfly brand, ensuring fleet airworthiness and regular maintenance to support operational safety and financial performance.

Quantifiable outcome

• 99.2% flight regularity rate on SAS routes (June-September 2024)
• +2 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eight partnerships are on record, tiered minor.

• ERA (European Regions Airline Association)minorOthersNordic Aviation Group is a member of ERA, the European Regions Airline Association, which provides a forum for regional airlines to engage in industry discussions and represent their interests.
• Estonian Aviation ClusterminorOthersMembership in Estonian Aviation Cluster, the industry association for Estonian aviation companies.
• Alliance for Zero-Emissions Aviation (AZEA)minorStrategic or Co-development PartnerJoined the Alliance for Zero-Emissions Aviation, an EU initiative bringing together private and public stakeholders to prepare aviation industry for hydrogen and electric aircraft commercial service.
• Estonian Association for Hydrogen TechnologiesminorStrategic or Co-development PartnerMember of Estonian Association for Hydrogen Technologies (H2Est), supporting development of hydrogen technologies in aviation.
• European Clean Hydrogen AllianceminorStrategic or Co-development PartnerMember of European Clean Hydrogen Alliance working on hydrogen adoption in aviation.
• Hydrogen Valley EstoniaminorStrategic or Co-development PartnerSupporting member of Hydrogen Valley Estonia initiative supporting hydrogen technology development.
• Estonian Unemployment Insurance Fund (Töötukassa)minorOthersGovernment body cooperating with Nordic Aviation Group during bankruptcy proceedings to assist employees in obtaining statutory benefits and unemployment insurance.
• Transpordi Varahaldus OÜminorOthersOwner of aircraft that were returned to Tallinn Airport during bankruptcy proceedings for storage and maintenance pending sales process.

Scale indicators8 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• GetJet Airlines: Lithuanian ACMI/wet-lease carrier operating Boeing 737 and other types for European airlines. Directly comparable ACMI/wet-lease GTM and customer profile.
• Avion Express: Lithuanian ACMI operator with an all-A320 family fleet serving European leisure and scheduled carriers. Comparable narrow-body ACMI model and overlapping Baltic-region labour market.
• Enter Air: Polish charter and ACMI operator running Boeing 737 fleet for tour operators and scheduled carriers across Europe. Comparable charter-plus-ACMI revenue mix and Boeing/Airbus single-aisle footprint.
• SmartLynx Airlines: Latvian ACMI/charter operator focused on narrow-body A320 family capacity provision for European carriers, including charter and PSO work. Mirrors NAG's Baltic base and single-aisle ACMI positioning.
• Titan Airways: UK-based ACMI and charter operator serving European scheduled carriers and ad-hoc charter clients. Similar mix of long-term ACMI contracts and charter business.
• Hi Fly: Portuguese-headquartered ACMI and wet-lease specialist operating Airbus narrow-body and wide-body fleet for major airlines globally. Closest large-scale European competitor in long-term ACMI passenger capacity provision.
• Jettime: Danish ACMI/wet-lease operator owned by Lars Thuesen, who was the named bidder in Nordic Aviation Group's failed privatization. Directly comparable ACMI business model and fleet profile targeting European carriers.
• ASL Airlines: European ACMI/wet-lease group with operations across France, Belgium, Ireland and the UK, providing passenger and cargo capacity to major carriers. Comparable multi-base ACMI structure.

Broad incumbents

• SAS: Scandinavian scheduled network carrier and NAG's largest former ACMI customer. Provides context on the demand side of European ACMI and the type of partner NAG was built to serve.
• Air Baltic: Latvian flag carrier offering scheduled regional service from the Baltics. Shares the same regional geography and aircraft types (including A220/CRJ) but operates a scheduled, brand-led model rather than pure ACMI.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/flynordica

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nordic Aviation Group