The Croatian government has approved a decision to significantly increase the share capital of the national carrier, Croatia Airlines, raising it from €92.38 million to €248.38 million over the period from 2025 to 2027.
Speaking after the government session on Thursday, Minister of the Sea, Transport and Infrastructure Oleg Butković stated the recapitalisation will be carried out through a combination of cash injections and the conversion of existing loan claims into equity.
“The increase in share capital will be implemented through an investment of €70 million in cash and approximately **€78.8 million through the conversion of duly transformed claims from existing loans into the company’s share capital,” Butković stated.
Funding for the capital increase in 2025 has already been secured through budobtain reallocations, while funds for 2026 and 2027 are planned within state budobtain projections.
Under the plan, a €43 million recapitalisation is scheduled for 2025 through the conversion of loan principal into equity, which will result in the issuance of 43 million new shares.
In 2026, Croatia Airlines will undergo a further recapitalisation of around €43 million, converting the remaining loan principals and accrued interest into equity, alongside an additional €35 million cash investment.
A final €35 million cash injection is planned for 2027.
Once completed, the measures will increase Croatia Airlines’ share capital by approximately €156 million, strengthening the airline’s financial position and long-term stability as it continues fleet renewal and operational restructuring.
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