Latvian national airline airBaltic ended the first quarter of 2025 with a consolidated net loss of EUR 29.348 million, down 27.8 per cent from the same period last year, according to a statement on the company’s website.
In January-March, airBaltic’s revenue increased by 0.3 per cent to EUR 132.719 million. Adjusted EBITDA totalled EUR 3.1 million (EUR 12.6 million a year earlier).
“The bottom line, despite revenue growth, was primarily impacted by higher finance costs, higher carbon-related costs and a year-on-year increase in core operating expenses,” the company explained.
In the first quarter, the airline carried 1.3 million passengers, up 9.6% year-on-year in January-March 2024, including 995,000 passengers on the airBaltic route network and 334,000 passengers on the ACMI (aircraft rental with crew) scheme. The total number of flights, including aircraft leasing, increased by 10.4% to 13.6 thousand. The average aircraft occupancy rate remained at 75.9%. The number of routes increased by 10.5 per cent year-on-year to 95.
AirBaltic said that in the difficult winter season, when traditionally low demand is observed, its results reflect the general trends of the first quarter in the aviation industry. At the same time, the airline “achieved a number of historic highs in operational efficiency in the first quarter”, particularly in terms of passengers carried, flights operated and number of routes.
“While we are still reporting losses, our performance represents a marked improvement over last year. The results reflect long term revenue growth and stable operations – from passenger and flight numbers to an expanded route network,” airBaltic’s interim CEO and COO, Pauls Tsalitis, is quoted as saying in the press release.
“Our strategy remains focused on strengthening our operations and preparing for future opportunities, including a potential IPO,” he added.
Founded in 1995, airBaltic operates a fleet of 50 Airbus A220-300 aircraft and operates approximately 130 flights from Riga, Tallinn, Vilnius, Tampere, offering connections to a wide range of destinations in its route network in Europe, the Middle East, North Africa and the Caucasus region.
The company is majority owned by the Latvian state, which holds 97.97 per cent of shares, with a further 2.03 per cent held by private shareholders. In January 2025, Lufthansa Group announced an investment in exchange for a minority stake in airBaltic. The deal is expected to close in the second quarter of this year.