Slovakia’s Largest Airline AirExplore Marks 15 years in Business

The aviation industry in Europe has seen and weathered many crises over the last decades – from the financial crash of 2008 to the COVID-19 pandemic. And while these large-scale events led to the demise of many airlines, they also created the conditions for new players to soar. One of such examples is AirExplore – founded in 2010 with just one Boeing 737-400 aircraft, it has grown to become Slovakia's largest airline. With a fleet of 16 aircraft and with over 9 million passengers carried by the end of 2024, today AirExplore marks 15 years in operation  – a time period which saw the entire business transform and pivot multiple times.

Humble beginnings

The company was founded by a group of aviation enthusiasts and former employees of several bankrupt Slovak airlines at a time when the local industry was in shambles. With limited resources, the company had to be creative, scrappy and inventive to get things moving. Even their first aircraft came from an unexpected source – a German aquarium equipment manufacturer, whose owner had purchased a Boeing 737-400 as a birthday present for his daughter. While they were looking for a buyer, it took persistence and enthusiasm to convince the owner that the fledgling Slovak company was a safe bet.

"As there were no direct flights to their city, we literally chipped in and paid a friend of ours to take us there on his Cessna. In three days we signed the agreement, and in about a month we got the plane to Slovakia. That was how it all started," says Martin Stulajter, CEO of AirExplore, who was only 25 years old when their business began.

“Looking back at our journey, I think it was actually the best time to start an airline in 2010. Before AirExplore, I worked for another airline that did not survive the financial crisis of 2008. Unlike them, we began our operations when the market was starting to recover, which gave us a great boost.”

Pioneering the ACMI business model

Since day one, AirExplore has had a vision of operating their business in a way different from other airlines in the region. Rather than try and operate as a traditional carrier, they chose to focus on other airlines as clients, bringing them a cooperation model that is now commonly known as ACMI (Aircraft, Crew, Maintenance, and Insurance) leasing. If today, leasing a part of the fleet is a common practice for airlines seeking to maximise their potential during peak season, back in 2010 it took effort and education to get airlines onboard.

"When we started, the ACMI model was just emerging and many airlines weren't familiar with its advantages. We had to educate potential clients about how this approach could help them manage seasonal demand without the financial burden of owning additional aircraft that’s underutilised during the low season," explains Stulajter.

AirExplore was one of the pioneers of ACMI services not just in the CEE region but in Europe as a whole. A defining milestone came in 2015, when the company became the first ACMI provider for Ryanair, Europe’s largest airline.

“We were already in business for five years at that point but partnering with Ryanair brought a lot of learning opportunities. The experience taught us how to be very cost-effective and efficient, how to be quick, and how to use all the digital tools to ensure 20-minute turnarounds," explains Stulajter. The partnership even influenced Ryanair’s network development, with AirExplore helping to establish the carrier's Bratislava base.

15 years of growth

The ability of AirExplore to adjust to changes proved helpful during the COVID-19 pandemic, when it pivoted to transport essential medical supplies, conduct humanitarian flights, and facilitate repatriation missions while passenger services were curtailed.

Over the years it has been in operation, AirExplore has achieved an impressive track record: 72,087 flights operated, 202,211 block hours accumulated, and over 9 million passengers carried by the end of 2024. From its initial 50 employees, the company has expanded to over 400 staff in 2025, representing 26 different nationalities.

The airline's fleet has also grown accordingly, from a single aircraft to 16 Boeing 737-800s today. Since entering cargo operations in 2022, the company has transported nearly 30,000 tons of cargo, significantly strengthening its position in both passenger and cargo markets.

Today, the company's global footprint extends to regions as diverse as Palau in the Pacific, Taiwan in Asia, Surinam in South America, and numerous African countries. Throughout its history, AirExplore has served dozens of clients across four continents, maintaining the highest safety standards with IOSA certification since 2015.

Taking operations to a truly global level

A transformative moment in AirExplore's history came in June 2023 when it was acquired by Avia Solutions Group, the world’s largest ACMI provider operating a fleet of 221 aircraft.

“After joining Avia Solutions Group, it took us less than a year to double our fleet," Stulajter notes. "We also learned to become more systematic in the way we manage the company, incorporating data at every stage of the decision making process".

The partnership brought not just access to capital but also a wide network of connections across the group and beyond it. This collaboration has accelerated AirExplore's expansion, with the company recently receiving approval from the US Department of Transportation to operate commercial flights to and within the United States.

“This is a fantastic moment for AirExplore as we continue to grow our international presence," Stulajter remarks. "The approval reflects the benefits of being backed by Avia Solutions Group and presents exciting opportunities for our future development.”

Expanding reach

The ACMI model continues to gain importance as airlines seek operational flexibility without high capital expenditure. “There is a lot of uncertainty in the market, and with OEMs struggling to deliver orders, the issue of capacity has never been this acute. As ACMI providers, we can solve this headache and help airlines maximize profitability,” observes Stulajter.

Looking beyond Europe, AirExplore is expanding its focus to emerging markets with significant growth potential, particularly in Asia and Africa. The company is investing in sustainability initiatives, including exploring sustainable aviation fuels (SAFs) to reduce its carbon footprint.

Looking toward the future, Stulajter's aspirations remain anchored in a passion for aviation rather than purely financial metrics. "My ultimate goal is to keep the company running, to keep the company growing, and to make sure that we are always a preferred provider to our clients. We are becoming one of the oldest airlines ever in Slovakia. I'd like to see AirExplore in the air as long as possible."

From a single aircraft secured through an unlikely connection to Slovakia's aviation success story, AirExplore's journey embodies the power of entrepreneurial vision, adaptability, and technical excellence in the ever-evolving world of aviation.